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Vingroup Announces Foray Into Mobile Phone Market With New Company VinSmart

The giant Vietnamese real estate conglomerate Vingroup has announced plans to go into the mobile device market in a bid to challenge international rivals.

The past months and year have seen Vingroup going into new and increasingly more novel industries at a significant pace. In March, the company made headlines with the announcement of its own college, VinUni. Last year, Vintata, the group's animation studio started a nationwide search for an animation script.

Now, according to a press release reported by Tuoi Tre, Vingroup has confirmed its latest foray into the mobile phone industry through the establishment of VinSmart Co. with a hefty capital of over VND3 trillion (US$132 million). The company's first product will be mobile devices under the brand Vsmart.

It is understood that the first VinSmart plant will also make use of existing facilities of Vinfast, Vingroup's automobile branch, in the Dinh Vu-Cat Hai Industrial Zone near Hai Phong. To support the founding, the company is currently engaged in ongoing consultation with major firms and hiring design professionals as well as looking into procuring intellectual property rights for its phone components. 

Dovetailing with these developments, VinSmart is drawing up proposals for research and development (R&D) units so the chain can investigate a variety of technologies including artificial intelligence (AI), automation, new materials, and patents, amongst others. 

"Our aim is to invest significantly into researching and deployment of the latest technologies in order to contribute to Vietnam's presence on the world stage in terms of tech." said chairman cum CEO at Vingroup Nguyen Viet Quang through a press release in Vietnamese on the business' website.

"This is an industry that demands high-tech innovations such as producing smartphones which confirms our [Vingroup] bold vision that is founded on knowledge and science, and in turn, raising economic outputs for the country," the document reads.

[Photo via Vietnam Insider]

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