Despite selling just 24,000 cars last year, Vietnam’s VinFast this month soared into the ranks of the world’s most valuable carmakers – far surpassing rivals such as Volkswagen, Ford and General Motors, whose sales are in the millions.

A trading frenzy pushed the electric vehicle company’s market capitalisation to a peak of $US190 billion ($293 billion) after its August 15 listing on the US Nasdaq stock exchange through a special purpose acquisition company. Even after a 50 per cent fall in its share price since Monday, VinFast – which is loss making – was valued at $US95 billion.

Financial Times