VinFast shares plummet after stellar Nasdaq debut

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Hanoi: Shares of Vietnamese electric vehicle maker VinFast have tumbled, days after its stock market valuation soared above Ford and General Motors (GM) as it debuted on the Nasdaq.

VinFast, Vietnam’s first homegrown car manufacturer, has launched two EV models in North America, becoming the first-ever Vietnamese car sold in the US market.At the Nasdaq’s close on Thursday, shares of VinFast—which is part of conglomerate Vingroup, owned by Vietnam’s richest man Pham Nhat Vuong—were at $19.80, a drop of almost 34 percent since the previous day.

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