Tycoon’s Fortune Soars $39 Billion on Eyebrow-Raising SPAC (1)

Its electric cars have been dogged by poor reviews and it’s on pace to make fewer sales this year than General Motors Co. does in a week.

Yet that hasn’t stopped VinFast Auto Ltd. from becoming the latest beneficiary of speculative fervor around newly minted SPAC deals — many of which end up tumbling over the long-term.

The Vietnamese automaker’s shares surged 255%Tuesday when it debuted on the Nasdaq Global Select Market, pushing the company’s market capitalization above that of industry giants GM and Mercedes-Benz Group AG. It added $39 billion to the net worth of chairman Pham Nhat ...