Vietnam-based Vingroup Launches Into The Smartphone Industry
The largest listed company based on market value in Vietnam, Vingroup, recently marked the launching of its first-ever smartphones line. This new line of business signifies a notable departure for Vingroup which is a conglomerate currently operating in diverse industries ranging from retail to healthcare and real estate, among other industries.
According to the chief executive officer and the vice chairman of Vingroup, Nguyen Viet Quang, the company has plans to make a heavy investment in research as well as the application of the new techniques and technologies with a view to contributing to the promotion of Vietnam’s appearance globally.
The Vsmart Brand
Last year December, the conglomerate unveiled four different models of its smartphones which it introduced using Vsmart as its brand name. It plans to make the phones available to Vietnam consumers and also consumers in overseas markets such as Spain and Russia. In Vietnam which is the home market, the prices of the phones will between 2.49 to 6.29 million dong which is approximately between $107 and $270.
Also, the company made it known around the time when it unveiled the smartphones that it now has a 51 percent stake in BQ, a Spanish smartphone making company. The company based in Madrid has been adopting a strategy similar to that of China-based Xiaomi which makes available phones that have high-end specifications desired by a lot of consumers while also ensuring that the prices of the phones are kept extremely low.
Vinsmart is the unit of the conglomerate in charge of the production of the smartphones partnering with BQ. The unit made it known that it has already finalized an agreement regarding rights to intellectual property with Qualcomm, a telecom equipment and semiconductor company based in the U.S. The deal has been projected as a component of a much wider partnership the effect of which will be that both companies will work together on the development of more smartphones, AI, autos and IoT devices.
Vingroup’s Vinfast Unit
The auto company of the conglomerate, Vinfast, started operation in 2017 somewhere in Hai Phong. The company has plans of having five factories in existence to handle the production of as much as 500,000 vehicles yearly by 2025. The chairman and founder of the company, Pham Nhat Vuong while speaking to a media outlet said that they have plans to develop a car brand that is able to compete on the global market efficiently. Also, they have plans to create an industry capable of helping other industries in the country.
Its ambition is to also go beyond just industrial base by developing an ecosystem consisting of smart devices and electronics. The progression of the company is quite remarkable as Pham started the company started only as instant noodle business as far back as the 1990s in Ukraine. Pham was able to leverage on the success he recorded there early to begin creating a conglomerate in his country that now covers retail, education, auto manufacturing, hotels, e-commerce, and real estate.
Vietnam Smartphone Market
Vingroup will stand as the newest smartphone maker looking to record success in the country that is home to 95 million individuals. The Vietnam smartphone market is currently dominated by Apple and Samsung phones. According to reports, Vietnam is Samsung Electronic’s biggest smartphone production base.
Vingroup has also stated that the company’s VinSmart factory will start the production of smart TVs as well as other smart devices in the nearest future. The company officially became the first domestic car manufacturer in Vietnam, and it started operation last year with its launch of three car models. Also, its VinSmart Co. for the production of smartphones as well as other smart electronic products has a registered capital totaling $131.54 million.
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