Is Vietnam’s EV darling heading for a crash?
After an explosive trading debut, VinFast looks wildly overvalued
On August 15th VinFast, a Vietnamese electric-vehicle (EV) manufacturer, made its trading debut on the Nasdaq, an American stock exchange. It was quite the entrance: the company’s share price rocketed, pushing its market capitalisation from $23bn to $85bn. That is almost as much as Ford and General Motors, two giant American carmakers, combined, and seven times that of Vingroup, its parent company. On August 16th it fell a little, to $69bn.
This article appeared in the Business section of the print edition under the headline “Crash course”
Business August 19th 2023
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