On the day marking the 4-month milestone of being listed on the US stock exchange, shares of billionaire Pham Nhat Vuong's electric car company VinFast had a sharp increase in both market price and liquidity.
During the weekend trading session of December 15, US stocks recorded a sharp increase. At the end of the session, the Dow Jones index increased 56 points (0.2%) to 37,305.16 points. However, the S&P 500 slid 36 points (0.01%) to 4,719.19 points.
Meanwhile, Nasdaq Composite advanced 52 points (0.4%) to 14,813.92 points. The Nasdaq-100 index closed the session at 16,623.45 points, exceeding the record closing level set in November 2021. Through Friday, the Dow Jones was up 3.8% in December, the S&P 500 was up 3.3%, while the Nasdaq Composite climbed 4.1%.
The S&P 500 recorded its longest winning streak since 2017, and could soon follow the Dow Jones to its all-time high set in January 2022. Currently, the S&P 500 is less than 2% away from this peak.
Along with the positive developments of the US stock market, the VFS stock code of the electric car company VinFast, with billionaire Pham Nhat Vuong holding the position of Chairman of the Board of Directors, also had a strong trading session on the day marking the milestone. 4 months of listing on the US stock exchange.
Specifically, in Friday's trading session, the VFS stock code recorded an increase of 13.54% to close at a price of 7.88 USD/share. Not only did the market price increase sharply, VFS's liquidity also increased more than twice compared to previous sessions when more than 6,358 million shares were transferred to investors.
According to Companiesmarketcap, with this closing price, VinFast's capitalization value reached 18.37 billion USD and moved up one level in the list of automobile companies with the world's largest market capitalization to rank 24th.
In the electric vehicle segment, VinFast of billionaire Pham Nhat Vuong ranked 4th after Tesla of the US with a capitalization of 805.85 billion USD, Li Auto of China with a capitalization of 35.39 billion USD and Rivian of America with a capitalization value of 21.68 billion USD.
The VinFast VF 7 model is expected to be sold in the European market in 2024
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With the closing price of the trading session on December 15, the VinFast stock code recorded a decrease of 21.2% compared to the valuation of 10 USD/share when listed on the US stock exchange on August 15. Compared to the closing price of VinFast's first trading session, this stock code recorded a decrease of 78.7%. Compared to the highest price ever set at 93 USD/share in August 2023, VFS's decrease after 4 months of official listing is 91.5%.
Compared to the lowest price of only 4.59 USD/share set at the end of October, VFS shares have recorded an increase of 71.7%, this is a significant profit for investors who have started " "right bottom" of this stock code at the end of October 2023.
According to business circles, the fact that European users are waiting for cheap electric car models could be good news for VinFast. Billionaire Pham Nhat Vuong's car company is currently one of the few manufacturers that has perfected its product range, covering all segments from A to E, even mini electric cars. Earlier this month, VinFast VF 8 was tested against Euro NCAP standards and was rated 4 stars.
To meet the demand for affordable electric cars that European users are waiting for, the VF 6 and VF 7 models may be VinFast's "trump card". Also according to Ms. Le Thi Thu Thuy - VinFast global CEO, VF 6 and VF 7 will be sold in this market in 2024, which could be up to 1 year earlier than many other manufacturers.
If they enter the European market soon, VF 6 and VF 7 will have an advantage over their competitors in the context of small, affordable electric cars currently extremely scarce in this market.
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