VinFast Auto Ltd., a Vietnamese electric vehicle (EV) company, has made its debut on the Nasdaq stock exchange and started trading. The company’s shares have skyrocketed to over $37 per share, resulting in a market capitalization of an astounding $85 billion. This significant milestone highlights VinFast’s commitment to sustainable transportation and its position as Vietnam’s leading EV manufacturer.
VinFast’s initial public offering (IPO) took place after its acquisition of Black Spade Acquisition Co. The merger will be overseen by Global CEO Le Thi Thu Thuy, also known as Madame Thuy Le. Madame Thuy Le expressed her excitement over the company’s success, stating that VinFast has played a crucial role in accelerating the global EV revolution by providing smart, safe, and environmentally friendly EVs to the masses. The company’s listing on Nasdaq further supports its dedication to sustainable mobility on a global scale.
The IPO has propelled VinFast’s valuation to surpass that of major automotive giants such as General Motors (GM) and Ford, as well as other EV manufacturers like Rivian. VinFast is actively expanding its presence in the global EV market by forming partnerships in North America and Europe. As of the first half of 2023, the company has already delivered approximately 19,000 EVs, with plans to launch its next-generation EVs and solutions as it continues to expand its operations worldwide.
In addition to its manufacturing capabilities, VinFast has developed an extensive EV charging network across Vietnam, covering 63 cities and provinces. The company has also established a robust retail and service network with over 120 stores nationwide. These efforts align with VinFast’s vision of creating a sustainable future through green, clean, and safe mobility.
VinFast is committed to achieving sustainability goals and aims to achieve 100% zero-emission vehicle sales by 2035. The company is actively working towards becoming a sustainability champion and reaching net-zero emissions by 2040. However, VinFast’s annual report indicates an increase in total carbon emissions, particularly in Scope 1 and Scope 2 emissions. To address this issue, VinFast plans to install rooftop solar panels in its factories to reduce the carbon footprint associated with energy consumption. The company also aims to discontinue the production of internal combustion engine vehicles and focus solely on manufacturing EVs.
VinFast has made significant commitments to sustainability by joining “The Climate Pledge” and signing the COP26 Zero-Emission Vehicle (ZEV) Declaration. These initiatives demonstrate the company’s determination to sell 100% zero-emission vehicles in major markets starting in 2035. VinFast also prioritizes energy and water conservation through energy-efficient production processes and partnerships with researchers to explore new emission reduction solutions.
Recently, VinFast broke ground on its new EV manufacturing plant in the United States, marking a significant milestone in its expansion plans in North America. This move aligns with its parent company, Vingroup’s, efforts to establish its battery manufacturing capacity. VinFast recognizes the importance of battery manufacturing technology in achieving global expansion and collaborates with industry leaders to develop new battery and EV technologies. The company is also focused on securing a stable supply of critical EV battery components, such as nickel and lithium, to meet the growing demand in the EV market.
VinFast’s listing on Nasdaq is a significant step towards its vision of green, clean, and safe mobility. Through its commitment to net-zero emissions and innovative strategies, the Vietnamese EV company continues to drive down its carbon footprint and make positive changes in the automotive industry.