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VinFast: The Rollercoaster Journey of a Vietnamese EV Startup

During the electric vehicle (EV) boom between 2020 and 2021, numerous startups went public, yet many have since faced bankruptcy. A notable exception in this narrative is VinFast, a global electric vehicle manufacturer based in Vietnam. The company made a significant leap by listing its shares on NASDAQ in 2023, following a merger with a special purpose acquisition company (SPAC). Within days of trading, VinFast’s share price skyrocketed to $82, imbuing the company with a market capitalization nearing $200 billion—a figure that astonishingly surpassed even that of automotive giants Ford and General Motors combined.