VinSmart quits production of own smartphone brand, realigns business
Vietnam’s largest business conglomerate Vingroup decided to close down is electronics manufacturing division VinSmart to help focus the company on electric vehicles and smart solutions for households and cities, the group said in a May 9 statement.
The closure of VinSmart would help “mobilise all resources” for developing of VinFast, Vingroup’s automotive unit which just made a foray in the US and is weighing an initial public offering there which could raise about $2 billion
“This is a strategic step towards the aim of making VinFast one of the world’s leading firms in electric and smart vehicles,” Vingroup said.
VinSmart, founded in 2018, was producing smartphones under its own brand, as well as smart televisions and some other consumer electronics. Originally, it was expected the company would ship as many as two million smartphones to the US in 2020, was.
Smarter solutions going forward
VinSmart’s staff and capabilities will now be deployed to develop smart solutions for vehicles and homes and also to focus on developing in-car infotainment for VinFast, according to the statement. It will also continue current research on smart city, smart homes and related Internet-of-Things devices. The statement did not clarify whether the brand will be maintained.
VinFast, launched by Vingroup founder and chairman Pham Nhat Vuong in 2017, began delivering gasoline-powered autos to Vietnamese consumers with BMW-licensed engines in 2019. The carmaker plans a rollout of electric cars in Vietnam later this year. The startup aims to deliver its first electric vehicles to the US, Canada and Europe next year and is looking to open a factory in the US.
VinSmart phones, first launched in 2020, are already history Vietnam’s largest business conglomerate Vingroup decided to close down is electronics manufacturing division VinSmart to help focus the company on electric vehicles and smart solutions for households and cities, the group said in a May 9 statement. The closure of VinSmart would help “mobilise all resources” for developing of VinFast, Vingroup’s automotive unit which just made a foray in the US and is weighing an initial public offering there which could raise about $2 billion “This is a strategic step towards the aim of making VinFast one of the world’s leading...
Vietnam’s largest business conglomerate Vingroup decided to close down is electronics manufacturing division VinSmart to help focus the company on electric vehicles and smart solutions for households and cities, the group said in a May 9 statement.
The closure of VinSmart would help “mobilise all resources” for developing of VinFast, Vingroup’s automotive unit which just made a foray in the US and is weighing an initial public offering there which could raise about $2 billion
“This is a strategic step towards the aim of making VinFast one of the world’s leading firms in electric and smart vehicles,” Vingroup said.
VinSmart, founded in 2018, was producing smartphones under its own brand, as well as smart televisions and some other consumer electronics. Originally, it was expected the company would ship as many as two million smartphones to the US in 2020, was.
Smarter solutions going forward
VinSmart’s staff and capabilities will now be deployed to develop smart solutions for vehicles and homes and also to focus on developing in-car infotainment for VinFast, according to the statement. It will also continue current research on smart city, smart homes and related Internet-of-Things devices. The statement did not clarify whether the brand will be maintained.
VinFast, launched by Vingroup founder and chairman Pham Nhat Vuong in 2017, began delivering gasoline-powered autos to Vietnamese consumers with BMW-licensed engines in 2019. The carmaker plans a rollout of electric cars in Vietnam later this year. The startup aims to deliver its first electric vehicles to the US, Canada and Europe next year and is looking to open a factory in the US.
