Unprofitable Vietnamese electric-vehicle maker VinFast Auto Pte Ltd. is now worth more than the likes of Goldman Sachs Group Inc. and Boeing Co.
VinFast shares jumped as much as 29% to $89 Monday, adding to a blistering 558% surge since its market debut Aug. 15. It is currently worth just north of $200 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 10 times the size of Walgreens Boots Alliance Inc.
This advance “shows that there still plenty of froth in the marketplace,” said Matthew Maley, chief market strategist at Miller Tabak + Co. Maley added that the S&P 500 Index’s “only” 4% decline from its summer highs has not incited a lot of fear among investors. “It will take something more like a full-blown correction of 10% or so to push some real fear back into the marketplace.”
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