Vingroup Joint Stock Company (Vietnamese: Tập đoàn Vingroup - Công ty CP), is the largest conglomerate of Vietnam,[1] focusing on technology, industry,[2] real estate development, retail, and services ranging from healthcare to hospitality. The company was founded by property developer and entrepreneur Phạm Nhật Vượng.

Vingroup
Vingroup Joint Stock Company
TypePublic
HOSEVIC
IndustryConglomerate
FoundedAugust 8, 1993; 28 years ago (1993-08-08)
FounderPhạm Nhật Vượng
HeadquartersVinhomes Riverside, ,
Area served
Vietnam
Key people
Phạm Nhật Vượng (Chairman)
Nguyễn Việt Quang (CEO)
Websitevingroup.net

Phạm Nhật Vượng announced his plans to build and sell cars in September, 2017. Nine months later, he debuted his plans for a smartphone unit, VinSmart. The breadth of ambition and speed of execution has staggered observers and often, partners. Vingroup subsidiary - VinFast introduced three new combustion vehicles in 2019. [3]

HistoryEdit

Vingroup was founded in Ukraine on August 8, 1993 as Technocom by Phạm Nhật Vượng. Originally producing dried foods, such as instant noodles, mainly under the Mivina brand, in 2000, the company started operations in Vietnam.

Since 2007, Vingroup is listed on the Ho Chi Minh City Stock Exchange.[4]

In 2010, Vingroup sold its Ukraine operation to Nestlé for 150 million USD.[5]

In October 2014, Vingroup bought the supermarket chain OceanMart in a move to gain market shares in the retail industry, and renamed it VinMart. In October 2015, Vingroup bought the Vietnamese supermarket chain Maximark (9 outlets).[6] In September 2015, Vingroup launched a major animal conservation program on Phú Quốc, Vietnam's largest island.[7] In 2016, Vingroup started operating their Vinmec healthcare and Vinschool education subsidiaries as non-profits to improve Vietnamese society.[4] In September 2017, Vingroup started the construction of its own car factory.[8]

In May 2018, 10% of Vinhomes was made public and Vinhomes started trading on the Ho Chi Minh City Stock Exchange.[9] The 25 year anniversary of Vingroup was celebrated by the opening of the Vingroup owned Landmark 81 tower in Ho Chi Minh City, the tallest completed building in Southeast Asia at the time.[10]

In October 2018, Vingroup announced that its car division VinFast would become the first domestic car manufacturer, with an annual production capacity of 250,000 cars. $3.5 billion were invested in the development of this project.[11]

In December 2018, the group got into the smartphone market with the launch of Vsmart-branded phones running on Android. The smartphones are produced by the group' s VinFast unit. The smartphones are part of an ecosystem of smart AI devices the group plans to launch to market.[12][13]

In November 2018, the city of Hanoi announced that the city will be hosting a Formula 1 Grand Prix starting in April 2020, with Vingroup as the promoter of the project. The race was later cancelled due to Covid-19.[14]

In 2018, Vingroup has announced its plan to become an international-standard technology-industry-service business in the future.

In March 2019, Vingroup acquired the e-wallet platform MonPay.[15]

In May 2019, the South Korean conglomerate SK Group bought a 6.1% stake in Vingroup for $1 billion.[16][17]

In May 2021, Vingroup announced that it would cease the production of smartphones and televisions.[18]

On February 9, 2022, Nikkei reported that Vingroup lost approximately $1.05 billion in 2021 "at its manufacturing segment last year due to sluggish sales of gasoline-powered cars at home and growing investments in the emerging electric vehicle business."[19]

SubsidiariesEdit

 
Vinmec hospital
 
Vinpearl Hotel Nha Trang
  • Vinhomes: residential real estate development
  • VinFast: automobile, cars and motorbike manufacturing[20][21]
  • VinBus: operator of electric buses[22]
  • VinSmart: The Vingroup Smartphone Company.
  • Vincom: shopping malls (Vincom Centre, Vincom Plaza, Vincom Mega Mall, Vincom+)
  • Vinpearl: Vinpearl owns major resorts in Vietnam
  • Vinschool: education from kindergarten, elementary school, middle school to high school.
  • Vinwonders : Amusement parks and attractions such as an ice skating rink and a water park and Vinpearl Safari Phu Quoc.[23]
  • VinMec: Officially opened in 2012, VinMec currently consists of 7 general hospitals and 2 clinics.[24]
  • VinUniversity: higher education institution, in partnership with Cornell University and University of Pennsylvania[25][26]
  • VinFa: Pharmacy.[27]
  • VinID: A technology product development - developing a super app called VinID providing Fintech, Loytal and Digital Marketing services with roughly 7 million users in 2019.[28]
  • VinCommerce: convenience stores (VinMart+), supermarkets (VinMart). Controlling stake sold to Masan Group in 2019, but VinGroup retains a large stake.[29] South Korean conglomerate SK Group has agreed to acquire a 16.3%[30]
  • VINCSS: Network Security Services[31]
  • Vincom Office: office real estate
  • Thien Tam Fund: philanthropical organisation on behalf of Vingroup[32]
  • VinBigdata
  • VinAI
  • VinES (Vin Energy Solution): EV battery manufacturer

ReferencesEdit

  1. ^ Nguyen, Daisy (2020-02-05). "Vietnam's largest conglomerate reports huge profits". Vietnam Insider. Retrieved 2021-04-14.
  2. ^ "Vietnam's Vingroup announces ambitious plan to become tech corporation". Tuoi Tre News. 2018-08-23. Retrieved 2021-03-23.
  3. ^ "Vietnam's Richest Man Has a Plan to Save the Virus-Stricken World". Bloomberg.com. 2020-06-08. Retrieved 2021-03-23.
  4. ^ a b Annual Report 2016 (PDF)
  5. ^ Company Nestle bought the Kharkov trademark enterprise "Mivina". Feb 26, 2010.
  6. ^ "Vingroup announces plan to buy supermarket chain". vietnamnews.vn. Retrieved 2019-06-02.
  7. ^ "Vingroup begins animal conservation programme on Phu Quoc; safari next". 15 September 2015. Retrieved 2 June 2019.
  8. ^ "Vietnam's Vingroup starts construction on $1-1.5 billion first..." Reuters. 2017-09-02. Retrieved 2019-06-02.
  9. ^ Daga, Anshuman (7 May 2018). "Vinhomes raises $1.35 billion in Vietnam's biggest share issue:..." Reuters.
  10. ^ VnExpress. "Vietnam's tallest Landmark opens for business - VnExpress International".
  11. ^ "Fast and serious: Vietnam's first domestic car manufacturer bets big". Reuters. 2018-10-03. Retrieved 2019-06-02.
  12. ^ Reed, John (15 December 2018). "Vingroup targets 30% Vietnam smartphone market with first mobile". Financial Times. Retrieved 2019-06-02.
  13. ^ "Vietnam's Vingroup targets global markets with smartphones in tech..." Reuters. 2018-12-14. Retrieved 2019-06-02.
  14. ^ "Vietnam to host Formula 1 Grand Prix from 2020 | Formula 1®". www.formula1.com. Retrieved 2019-06-02.
  15. ^ "Vietnam's Vingroup acquires e-wallet platform MonPay". DealStreetAsia. Retrieved 2019-06-02.
  16. ^ "SK Group invests $1 billion in Vingroup as part of Vietnam expansion". Reuters. 2019-05-16. Retrieved 2019-06-02.
  17. ^ "SK Group to buy 6.1% stake in Vietnam's Vingroup for US$1b". The Business Times. 2019-05-16. Retrieved 2019-06-02.
  18. ^ "Vingroup makes quick exit out of smartphones in shift to EVs". Nikkei Asia. Retrieved 2022-02-12.
  19. ^ "Vingroup loses $1bn in manufacturing on poor sales of gasoline cars". Nikkei Asia. Retrieved 2022-02-12.
  20. ^ Vasilash, Gary S. "VinFast: A Vietnamese Auto Startup Living Up to Its Name". www.adandp.media.
  21. ^ "Vietnam's Vingroup takes trip into unknown with first 'national car'". Financial Times. 6 February 2018.
  22. ^ "Vingroup: 3,000 electric buses in Vietnam's future". Sustainable Bus. 2019-05-06. Retrieved 2022-04-23.
  23. ^ "Khám Phá Vinpearl Safari Phú Quốc". 17 June 2020.
  24. ^ "List of Clinic, Hospital in Vietnam (Page 1) | Vinmec". www.vinmec.com (in Vietnamese). Retrieved 2022-02-12.
  25. ^ VinUni creates breakthrough in higher education quality Update: April, 19/2018 - 14:49
  26. ^ "Cornell to collaborate with Vingroup to establish VinUniversity in Hanoi, Vietnam - Cornell Chronicle". news.cornell.edu.
  27. ^ Vingroup enters pharmaceutical industry with Vinfa. October 4, 2018.
  28. ^ "Siêu ứng dụng thông minh cho người Việt". VinID (in Vietnamese). Retrieved 2021-12-31.
  29. ^ Dougn, Dean (December 3, 2019). "VinCommerce and VinEco of Vingroup will be merged with Masan Consumer". Vietnam Insider.
  30. ^ "SK Group acquires stake in VinCommerce for $410m". Retail Insight Network. 2021-04-07. Retrieved 2021-12-31.
  31. ^ bizhub.vn. "Vingroup opens three technology firms". Việt Nam News (in Vietnamese). Retrieved 2021-12-31.
  32. ^ "Quỹ Thiện Tâm - Giới thiệu - LỜI MỞ ĐẦU". quythientam.com.

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