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Once only losing to Tesla, VFS shares fell miserably, VinFast boss said he was not surprised

VinFast CEO Le Thi Thu Thuy said the recent VFS stock price fluctuations are not worrying.

VinFast's leader affirmed that she was "not surprised" by this because she has faith in the potential of the Vietnamese electric car company.

"Not worrisome."

On September 4, at the ASEAN Business and Investment Summit (ASEAN BIS) held in Jakarta, VinFast CEO Le Thi Thu Thuy commented on recent sharp fluctuations in VinFast stock prices.

According to Ms. Thuy, although VinFast stock price fluctuates significantly, it is not a cause for concern.

VinFast CEO Le Thi Thu Thuy tried to dismiss concerns about the erratic movements of VinFast's share price on Nasdaq and affirmed that investors still have faith in the potential of the Vietnamese electric car company.

Also read: The first American consumers to own an electric car "Made in Vietnam"» Vietnam News - Latest Updates and World Insights |

Not surprised about the volatility of VinFast VFS shares.

As Sputnik reported, VinFast is the first electric car company in Vietnam and the ASEAN region to list its shares on the US stock exchange.

On August 15, VinFast made history when listing 2.3 billion VinFast shares on Nasdaq, with the code VFS and a valuation of $23 billion.

In an interview with the press, Le Thi Thu Thuy once again believes in the potential of the Vietnamese company, especially in the context of the rapid expansion of the electric vehicle ecosystem in Southeast Asia.

This stock opened the first session at 22 USD/share, then quickly peaked at 93 USD/share (equivalent to a capitalization of about 210 billion USD) before cooling down again.

By the end of September 1, VinFast shares closed at 29.5 USD/share (equivalent to a capitalization of 70 billion USD).

Thus, VinFast's valuation peaked at 210 billion USD (on August 28) and ranked 3rd among the world's top car manufacturers, only behind Tesla of the world's number 1 billionaire, Elon Musk and only slightly less than Toyota (about 223 billion USD).

However, the decline in stock prices in the following 4 sessions caused VinFast's capitalization to decrease rapidly, dragging billionaire Pham Nhat Vuong's assets down.

"Cars are very complex and very sophisticated."

At the event, "female general" VinFast dismissed concerns about the erratic movements of VFS stock prices. According to her, VinFast has done what many people thought was impossible since participating in conquering the electric vehicle segment 6 years ago.

VinFast CEO said that the company had launched 7 car models in Vietnam and has delivered 11,300 electric cars in the first half of 2023, most of them in Vietnam and 999 units were exported to the US.

Ms. Le Thi Thu Thuy believes Southeast Asia's growing electric vehicle ecosystem will support VinFast's growth.

As for Indonesia, Ms. Thuy is optimistic about the electric vehicle industry in ASEAN as this country has large nickel reserves and a large battery manufacturing industry in Southeast Asia. She also mentioned joint ventures producing electric vehicles in Malaysia and Thailand and said VinFast can find most of its production in Southeast Asia.

CEP VinFast expressed confidence that it can promote ASEAN's electric vehicle industry to become strong, with the expectation of "exporting electric vehicles to the rest of the world".

Also read: Vingroup establishes VinFast electric taxi and car rental company » Vietnam News - Latest Updates and World Insights |

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