VinFast soars in market debut as it pushes North American expansion

TORONTO — Vietnamese electric vehicle maker VinFast Auto Ltd. has soared in its market debut as it works to expand into the North American market.

The company, which merged its Canadian and U.S. operations into VinFast North America in January, saw its valuation soar from a market debut of US$23 billion Tuesday on the Nasdaq to $86 billion by the end of the day.

Shares in the company were retreating Wednesday, some 20 per cent off their high as of midday trading, but the company that has delivered about 19,000 EVs globally was still valued higher than automakers like Ford Motor Co. and General Motors Co.

VinFast opened its first Canadian showroom last November in Toronto's Yorkdale Shopping Centre and now has eight showrooms and five service centres across Ontario, British Columbia and Quebec.

The company's first shipment of vehicles for the Canadian market arrived in Nanaimo, B.C. in May that were set to start selling in June.

The 781 vehicles in the shipment were the company's VF 8 model, which range in price from around $53,600 to $60,700.

This report by The Canadian Press was first published Aug. 16, 2023.

The Canadian Press