vinfast shares break three-day losing streak on nasdaq rally picture 1
VinFast shares (VFS) rally against after a three-day losing streak, closing at US$17.58 each on the Nasdaq on Augsut trading session.

VFS gained 14% to close at US$17.58 each at the trading session, raising VinFast’s market value to nearly US$41 billion.

During the trading session, VFS fluctuated sharply, hitting a high of US$18.5 at a time before falling to US$17.58.

Only 2.11 million VFS shares changed hands, much lower than the average of 3.3 million shares/session during the five previous trading sessions.

The VFS rally benefitted from the rise of tech shares after weekly declines on Wall Street. The Nasdaq Composite Index alone inched up 0.7% to 13,393 points.

VinFast successfully made its initial public offering (IPO) on the Nasdaq Global Select Market on August 15, after merging with Black Spade Acquisition Co., a special purpose acquisition company (SPAC).

Immediately, VFS shares surged sharply and closed at US$37.06 each, helping to raise the firm’s market value to more than US$85 billion.

Following VinFast’s IPO, billionaire Pham Nhat Vuong, chairman of Vietnam’s leading private business conglomerate Vingroup that is the parent company of VinFast, joined the top ranks of Asia's richest, as his real time net worth stood at US$44.5 billion, the fifth richest in Asia and the richest in Southeast Asia.

However, the three consecutive trading sessions saw VFS dropped sharply in value, prompting Vuong’s net worth to lose US$23.5 billion to US$21 billion, falling to the 78th in the world and the fourth richest in Southeast Asia after three Indonesian billionaires.

Source: VOV