Unprofitable Vietnamese electric-vehicle maker VinFast Auto is now worth more than the likes of Goldman Sachs and Boeing
VinFast shares closed up 20% at $82.35 Monday, marking a blistering 688% since its market debut Aug. 15. It is currently worth about $190 billion, compared to valuations of $111 billion for Goldman and $137 billion for Boeing. That leaves it bigger than half of the companies in the Dow Jones Industrial Average — and about 10 times the size of Walgreens Boots Alliance.
VinFast’s torrid run comes as the broader U.S. equity market has cooled, suggesting animal spirits haven’t been entirely quelled. The company has captured the attention of retail traders targeting EV makers, while its small number of shares outstanding also helps to amplify moves. Options on the stock also began trading Monday, giving traders the opportunity to make leveraged bets on the rally.