• Financial Survival Network
  • Posts
  • EV Maker VinFast’s Market Cap Spikes to $159 Billion On 9th Day of Trading. This Stuff Would Be Hilarious if it Weren’t So Serious.

EV Maker VinFast’s Market Cap Spikes to $159 Billion On 9th Day of Trading. This Stuff Would Be Hilarious if it Weren’t So Serious.

August 28, 2023

by Wolf Richter Wolf Street

As an extra special for VinFast, I’m keeping a beautiful slot open in my increasingly packed pantheon of Imploded Stocks.

Despite the general collapse of the stocks that had gone public via merger with a SPAC, and in particular the collapse of EV SPACs, some of which have already filed for bankruptcy, VinFast Auto went public last week by completing its merger with a SPAC. The SPAC’s share price of $10 gave it a valuation of $23 billion. The Vietnamese company, which incorporated in Singapore for the purpose of going public in the US, is part of the Vietnamese conglomerate VinGroup.