Vinfast Soars as Third-Most Valuable Automaker Globally

In a surprising turn of events, Vietnamese electric car manufacturer, Vinfast, saw its shares soar by 21% this Monday. This follows a spectacular debut on Wall Street earlier this month, pushing its market value to an astonishing $160 billion. With this momentum, Vinfast stands as the third-most valuable carmaker worldwide, trailing only industry giants, Tesla and Toyota.

However, it’s important to note that the rapid rise hasn’t been without its turbulence. With a limited number of publicly available shares, the stock has experienced wild swings. In fact, “shares jumping or slumping more than 14% in 11 of the past 12 sessions,” indicating the stock’s volatility. Monday’s surge alone had the potential to add roughly $33.6 billion to its valuation.

While the stock’s trajectory has caught the attention of retail investors, making it one of the most watched on platforms like Stocktwits, the company’s ownership paints a different picture. Vinfast remains almost entirely in the hands of Pham Nhat Vuong, Vietnam’s wealthiest individual and the mastermind behind Vingroup, the parent conglomerate. He controls a staggering “99.7%” stake in the company, as per official filings.

Yet, despite the market’s clear enthusiasm, challenges lie ahead for Vinfast. It faces stiff competition, especially from Tesla, and has a long journey before it can establish a significant presence in the electric vehicle market. For context, “only 137 Vinfast EVs were registered in the United States through June.” Moreover, the company is attempting to penetrate the US and European markets at a time when the appetite for electric vehicles is waning.

However, Vinfast remains ambitious. The company anticipates “to sell as many as 50,000 electric vehicles this year,” in contrast to Tesla’s projected 1.8 million cars. A significant shift in strategy is evident as Vinfast opts for dealerships over Tesla’s direct-to-consumer model and commits to a $4 billion factory in North Carolina. Only time will tell if these decisions cement Vinfast’s position in the automotive elite.

Photo courtesy of Vinfast.

Haye Kesteloo
Haye Kesteloo

Haye Kesteloo is the Editor in Chief and Founder of, where he covers all electric vehicle-related news, covering brands such as Tesla, Ford, GM, BMW, Nissan and others. He fulfills a similar role at the drone news site Haye can be reached at haye @ or @hayekesteloo.

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