Stock Price of ‘Vietnam’s Version of Tesla,’ VinFast Auto (VFS), Plummets! Richest Individual’s Wealth Shrinks Over 730 Billion in 3 Days

After the debut of VinFast Auto (VFS), often hailed as the ‘Vietnam’s Version of Tesla’, on the US stock market, the 18th witnessed a substantial 23% decline, concluding at $15.4. As per international media sources, Pham Nhat Vuong, Vietnam’s wealthiest individual and principal stakeholder of VinFast, encountered a swift 52% reduction in his net worth within just 3 days, a trend that grabbed considerable attention upon its revelation.

According to reports from the ‘The Wall Street Journal’, VinFast, Vietnam’s pioneering electric car brand, has been energetically venturing into global markets. On the 15th of this month, it underwent a public listing in the US via a Special Purpose Acquisition Company (SPAC) mechanism. Although its stock value surged remarkably on the initial day, surpassing market caps of iconic names such as Ferrari, Honda, and Ford, the favorable trajectory took an abrupt turn, giving way to a steep downturn.

It’s worth highlighting that Pham Nhat Vuong, Vietnam’s wealthiest individual who holds the majority of VinFast’s shares, has encountered significant oscillations in his net worth since VinFast’s listing in the US. Commencing with an astounding surge of $39 billion (equivalent to approximately 1.24 trillion New Taiwan Dollars) on IPO day, his wealth plummeted by 52% within 3 days, translating to a loss of $23 billion (about 734 billion New Taiwan Dollars), ultimately bringing down his net worth to $21.2 billion (around 676.5 billion New Taiwan Dollars). Nevertheless, the affluence of Pham Nhat Vuong still stands significantly higher compared to pre-VinFast market introduction.

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