What Happened With VinFast Stock Today?

VinFast Auto Ltd. VFS shares traded lower on Tuesday. The stock has continued to slide after the company reportedly said on Monday that it will eventually seek capital for its expansion into Southeast Asia.
What To Know: VinFast's reported expansion into the region is planned to begin in Indonesia. The plan will ostensibly require considerable capital, which would largely be supplied by the company's parent, Vingroup JSC, and founder Pham Nhat Vuong, according to CEO Le Thi Thu Thuy.

Thuy described the ambitious nature of VinFast's intended expansion, stating, "We intend to move into Asean aggressively, starting with Indonesia."

In addition to the potential ventures into Indonesia, the Bloomberg report highlighted the company's other expansion efforts, including the construction of a $2 billion manufacturing complex in North Carolina.

VinFast exploded onto the scene when it went public on the Nasdaq in August, ending its first trading day with a market capitalization of approximately $86 billion and going up against EV giants like Tesla. Following its debut, however, the stock has been largely volatile.

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VFS Price Action: Shares of VFS were flat in Tuesday's after-hours session at the time of publication, according to Benzinga Pro.

Image by Paul Brennan from Pixabay