VinFast inspiring Vietnamese businesses and young people by conquering the “Event of the Year” award at the WeChoice Awards 2023
WeChoice Awards 2023 is a special event to honor the people, stories, and events that inspire the community. The event ended with meaningful awards, conveying the message “Dare to Passionate, Dare to Shine” to show the boldness and passion of the individuals and events that marked the year.
Among the remarkable individuals and events, VinFast excellently won the “Event of the Year” award at the WeChoice Awards 2023 with the milestone “VinFast officially listed on the US stock market” with 61,221 overwhelming votes.
According to the opinions of many industry experts and customers, VinFast’s success in the US stock market is a proud milestone for the Vietnamese automobile industry, proving that a Vietnamese brand can compete and demonstrate global strength.
Specifically, at 8pm on August 15, 2023 (Vietnam time), VinFast officially rang the bell on the Nasdaq Global Select Market, officially becoming a globally listed public company. The company has a market capitalization value of over $23 billion, operating under the legal entity VinFast Auto Ltd. (VinFast) with the trading symbol “VFS”.
After the historic deal, VFS started its first trading session on Nasdaq with a price of $22, double the initial valuation of this stock, and closed at $37.06, raising VinFast’s market value to $85 billion.
This figure is higher than the market capitalization of industry giants like Ford ($48 billion) and General Motors ($46 billion) on their debut day. At one point, the VFS stock price reached its peak, increasing VinFast’s market capitalization to $213 billion, becoming the world’s third-largest automobile manufacturer in terms of value, after Tesla and Toyota.
It can be said that with the “Event of the Year” award at the WeChoice Awards 2023, VinFast once again affirms its business position and gains support and trust from the community. In particular, VinFast’s success in the US stock market also inspires many other businesses in Vietnam, encouraging many young people to enter the international market, creating innovation and development for the national economy.
VinFast’s stock on the US stock market – A “Sweet Success” for the arduous journey and affirmation of the Vietnamese brand
Tens of thousands of people watched VinFast’s listing event online, witnessing the company creating a big buzz by being highly valued in the US market – a market that has strict listing requirements and transparency.
To reach Wall Street, VinFast has overcome many challenges when the financial market faces unpredictable fluctuations. Vingroup Chairman Pham Nhat Vuong emphasized VinFast’s vision and social responsibility at the Vingroup’s annual general meeting in May 2023.
Mr. Pham Nhat Vuong said: “Vingroup is a big and successful enterprise that must contribute to the country, contribute high-tech brands, high-class brands, create influence, and attract attention internationally. If we only do business to make money, we wouldn’t foolishly venture into difficult and arduous fields. Easy things wouldn’t come to us. VinFast demonstrates our social responsibility, our love for the country, without any calculation.”
The IPO event of VinFast’s stock in the US has played an important and meaningful role in Vietnam’s business history. For the first time, a Vietnamese enterprise has overcome international barriers to become a member of the world’s largest financial market.
Ms. Le Thi Thu Thuy (VinFast’s Global CEO) shared at the IPO event: “We hope VinFast’s story will inspire and open up many opportunities for Vietnamese brands to go global.”
Specifically, listing on the US stock market has opened up significant financial opportunities for VinFast. By attracting investment from international investors, VinFast can develop and expand its global business operations. This is also an opportunity to invest in new product research and development, helping the company promote innovation and competition in the automobile and electric vehicle industry.
Moreover, this IPO event has enhanced VinFast’s reputation and credibility in the international market. The VinFast brand is dubbed the “warhorse” as it has the ability to sustainably compete in the automobile and electric vehicle industry, which can attract more international partners and customers and open up new opportunities for the company’s development.
In particular, the fact that a “made in Vietnam” company is listed on the US stock market also inspires other Vietnamese businesses.
From there, it encourages many organizations and young people to research and develop high-quality products and services to have the opportunity to enter the international market. This promotes the diversification and development of the Vietnamese economy, marking an important turning point in VinFast’s journey and Vietnam’s position on the world economic map.
The listing of VinFast’s stock on the US stock market is not only a significant milestone in VinFast’s development but also inspires the younger generation of Vietnam, who are dreaming of a bright and successful future.
From this, it is evident that with effort, patience, and creative spirit, Vietnamese young people can rise up and achieve great achievements in their lives and careers. The IPO event of VinFast’s stock on the US stock market truly proves the unlimited dreams and capabilities of the Vietnamese people.