Vingroup, Vietnam's largest private company, is building a smartphone plant for its Vsmart subsidiary in the Hoa Lac Hi-Tech Park in the capital's western suburbs.
VnExpress reports that the factory will be able to produce 23 million phones per year once the first phase opens in August, while its capacity will expand to 125 million units per year once the facility is fully completed in 2020.
Vsmart currently produces phones at a factory with a capacity of just five million units per year in Hai Phong.
Reuters adds that the plant will not only produce phones for the Vsmart brand, as American and European companies have reportedly contracted work as well, though Vingroup has not yet named these partners.
Vsmart launched in Vietnam last December, and their phones hit shelves in Spain in March and Myanmar last month, according to the news source.
The company has ambitious plans to become a major player in Vietnam's smartphone market, but it faces stiff competition from Samsung and other established global powerhouses.
[Photo via Zing]
