Even with this decline, VinFast's market cap still hovers around $40 billion. This positions the firm above seasoned EV players like Nio Inc. (NIO) and nearly on par with General Motors Co. (GM).

VinFast, the Vietnamese auto brand that’s making a big push into the U.S. market this year, had a significant presence at the 2022 New York International Auto Show. The company aims to start ...