VinFast Went Public and Quickly Exceeded Legacy Automakers' Valuations

Chris Teague
by Chris Teague

The stock market works in mysterious ways and can make or break companies as they attempt to go public. Recently, Vietnamese automaker VinFast went public using a SPAC deal, drawing a valuation of around $85 billion with shares up to $37.06 in trading yesterday.

That rise in valuation makes VinFast more valuable than several legacy automakers, including Ford and BMW. Even so, the shares traded this week only represent around one percent of the company’s ownership, with the remaining 99 percent being held by VinFast’s founder, Pham Nhat Vuong.

It’s worth pointing out that these launches don’t typically continue their ascent. Automotive News pointed out that many fizzled out after a few days when the buzz dies down. Even so, it’s an encouraging sign for VinFast, whose fortunes haven’t trended positively since its launch in the United States.

The company invited journalists to Vietnam to drive its new electric SUV, the VF8, only to be met with reviews ranging from “send it back” to “not ready for sale.” Despite that, the automaker has shipped its first units to customers here and is moving forward with its factory in North Carolina. VinFast recently broke ground on the facility, which will give it the domestic manufacturing footprint it needs to take advantage of federal tax incentives. 

[Image: VinFast]

Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by  subscribing to our newsletter.

Chris Teague
Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

More by Chris Teague

Join the conversation
12 of 24 comments
  • Redapple2 Redapple2 on Aug 16, 2023

    Rubiish cars. Yugo level.

    No ICE profit whales to offset BEV losses.

    Zero or bad rep in the first world.

    No dealer network.

    Shallow pocket vietnam base.

    > Valuation makes no sense

    • See 4 previous
    • Sgeffe Sgeffe on Aug 21, 2023

      I'd said something in another part of these comments that the vehicles being built for the Bruicks of the world might be a little better, if only just. And I was impressed by the fit and finish of an Invasion I sat in this past auto show. But I wouldn't buy it just on principle, even if it was the envy of a RR Culinan at 1/0th the price.

  • Zipper69 Zipper69 on Aug 16, 2023

    Motor Trend [sorry] says:

    "VinFast has the right idea, but the VF8 is nowhere near ready for the customer deliveries that are already happening"

  • The Oracle The Oracle on Aug 16, 2023

    Maybe they’ll offer a POW/MIA edition?

  • Inside Looking Out Inside Looking Out on Aug 16, 2023

    What evaluation had Yugo, does anyone remember?

    Vietnamese invasion to US starts with Vinfast. Vietnamese Government stands behind this IPO.