Vingroup Explained

Vingroup JSC
Type:Public
Trade Name:Vingroup Company
Native Name:Tập đoàn Vingroup – Công ty CP
Native Name Lang:vi
Predecessor:Technocom Corporation
Foundation: in Ukraine
as Technocom
Founder:Phạm Nhật Vượng
Hq Location:Vinhomes Riverside
Hq Location City:Long Bien District, Hanoi
Hq Location Country:Vietnam
Key People:Nguyễn Việt Quang (CEO)
Area Served:Vietnam
Industry:Conglomerate
Revenue: (2022) [1]
Net Income: (2022)
Num Employees:51,400 (2022)
Subsid:See § Subsidiaries
Homepage:vingroup.net

Vingroup Joint Stock Company is a Vietnamese conglomerate headquartered in Long Bien district, Hanoi. Vingroup is one of the largest conglomerates of Vietnam,[2] focusing on technology, industry,[3] real estate development, retail and services from healthcare to hospitality., the revenue of Vingroup and its subsidiaries was almost 1.1% of the GDP of Vietnam.[4]

The company was founded by property developer and entrepreneur Phạm Nhật Vượng in Ukraine in 1993 as Technocom, and originally produced food products.

History

Vingroup was founded in Ukraine on August 8, 1993 as Technocom. The company was started out as a food company, it initially produced dried food products, notably instant noodles under the Mivina brand by Phạm Nhật Vượng. By 2000, the company began operations in Vietnam.

In 2006, Vinpearl Land, the conglomerate's first amusement park, was opened in Nha Trang.

In 2007, Vingroup was listed on the Ho Chi Minh City Stock Exchange.

In February 2010, Vingroup sold its Technocom's facility in Ukraine and the Mivina brand to Nestlé for a deal of approximately US$150 million.[5]

In October 2014, Vingroup bought the supermarket chain OceanMart from Ocean Group and was rebranded as VinMart in a move to gain market share in the retail industry. Vingroup also launched an animal conservation program on Phú Quốc, Vietnam's largest island, in September 2015. It had started with research and conservation of some rare animal species and their natural habitats by Vinpearl Safari.[6]

In October 2015, Vingroup bought the Vietnamese supermarket chain Maximark.[7]

In 2016, Vingroup began operating their Vinmec healthcare and Vinschool education subsidiaries as non-profits.

In September 2017, Vingroup started construction of a car factory for the VinFast subsidiary.[8] In May 2018, 10% of Vinhomes was made public on the Ho Chi Minh City Stock Exchange.[9] The 25 year anniversary of Vingroup was celebrated by the opening of its 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 VinFast, its car division, would become the first domestic car manufacturer, with an annual production capacity of 250,000 cars. $3.5 billion was invested in the development of this project.[11]

In December 2018, Vingroup entered the smartphone market with the launch of VinSmart phones, running on Android operating system. The smartphones are produced by the VinSmart unit.[12] [13]

In November 2018, the city of Hanoi announced that the city would 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 the COVID-19 pandemic.[14]

In 2019, Vingroup automobile subsidiary VinFast introduced three new combustion vehicles. [15]

In March 2019, Vingroup acquired the e-wallet platform MonPay.[16]

In May 2019, South Korean conglomerate SK Group bought a 6.1% stake in Vingroup for $1 billion.[17] [18]

In February 2020, Vinpearl Land rebranded as VinWonders.

In May 2021, Vingroup announced that it would cease the production of smartphones and televisions.[19]

In 2021, Vingroup's manufacturing division lost approximately $1.05 billion "due to sluggish sales of gasoline-powered cars at home and growing investments in the emerging electric vehicle business."[20]

Subsidiaries

Vingroup was originally established as a merger of Vincom and VinPearl - the two businesses under Phạm Nhật Vượng ownership. Both of them still exist as significant subsidiaries under Vingroup.

Sold or dissolved subsidiaries

Smartphones and televisions.

Notes and References

  1. Web site: VinGroup Annual Report 2022.
  2. Web site: Nguyen . Daisy . 2020-02-05 . Vietnam's largest conglomerate reports huge profits . live . https://web.archive.org/web/20201128185046/https://vietnaminsider.vn/vietnams-largest-conglomerate-reports-huge-profits/ . 2020-11-28 . 2021-04-14 . Vietnam Insider . en-US.
  3. Web site: 2018-08-23 . Vietnam's Vingroup announces ambitious plan to become tech corporation . 2021-03-23 . . en-US.
  4. News: Vingroup, Vietnam's top conglomerate, leaps into global markets . 2024-02-04 . The Economist . 0013-0613.
  5. Web site: February 26, 2010 . Company Nestle bought the Kharkov trademark enterprise "Mivina" . dead . https://web.archive.org/web/20100301193953/http://www.economy-ukraine.com.ua/?p=76 . 2010-03-01 . Economy of Ukraine.
  6. News: 15 September 2015 . Vingroup begins animal conservation programme on Phu Quoc; safari next . . dead . 2 June 2019 . https://web.archive.org/web/20190602054002/https://english.vietnamnet.vn/fms/environment/141444/vingroup-begins-animal-conservation-programme-on-phu-quoc--safari-next.html . 2019-06-02.
  7. Web site: Vingroup announces plan to buy supermarket chain . dead . https://web.archive.org/web/20201001131355/https://vietnamnews.vn/economy/277631/vingroup-announces-plan-to-buy-supermarket-chain.html . 2020-10-01 . 2019-06-02 . . en.
  8. News: 2017-09-02 . Vietnam's Vingroup starts construction on $1-1.5 billion first... . en . . 2019-06-02.
  9. News: Vinhomes raises $1.35 billion in Vietnam's biggest share issue:.... Anshuman. Daga. Reuters. 7 May 2018.
  10. Web site: Chi . Hue . July 27, 2018 . Vietnam's tallest Landmark opens for business – VnExpress International . VnExpress.
  11. News: Pearson . James . 2018-10-03 . Fast and serious: Vietnam's first domestic car manufacturer bets big . en . . 2019-06-02.
  12. Web site: Reed . John . 15 December 2018 . Vingroup targets 30% Vietnam smartphone market with first mobile . 2019-06-02 . . en-GB.
  13. News: 2018-12-14 . Vietnam's Vingroup targets global markets with smartphones in tech shift . en . . 2019-06-02.
  14. Web site: 2018-11-07 . Vietnam to host Formula 1 Grand Prix from 2020 Formula 1® . 2019-06-02 . . en.
  15. News: K . Oanh Ha . Nguyen . Kieu Giang . Boudreau . John . 2020-06-08 . Vietnam's Richest Man Has a Plan to Save the Virus-Stricken World . en . . 2021-03-23.
  16. Web site: Nguyen . Quynh . May 24, 2019 . Vietnam's Vingroup acquires e-wallet platform MonPay . 2019-06-02 . . en-US.
  17. News: SK Group invests $1 billion in Vingroup as part of Vietnam expansion. 2019-05-16. Reuters. 2019-06-02. en.
  18. Web site: 2019-05-16 . SK Group to buy 6.1% stake in Vietnam's Vingroup for US$1b . 2019-06-02 . . en.
  19. Web site: Onishi . Tomoya . May 11, 2021 . Vingroup makes quick exit out of smartphones in shift to EVs . 2022-02-12 . . en-GB.
  20. Web site: Onishi . Tomoya . February 9, 2022 . Vingroup loses $1bn in manufacturing on poor sales of gasoline cars . 2022-02-12 . . en-GB.
  21. Web site: 17 June 2020 . Khám Phá Vinpearl Safari Phú Quốc . John's Tours Phu Quoc.
  22. Web site: Khám Phá Vinwonders Phú Quốc – Công Viên Chủ Đề Lớn Nhất Việt Nam – Công Viên San Hô Phú Quốc .
  23. Web site: Vasilash . Gary S. . VinFast: A Vietnamese Auto Startup Living Up to Its Name . dead . www.adandp.media . May 9, 2018 . June 30, 2018 . https://web.archive.org/web/20180630004510/https://www.adandp.media/blog/post/vinfast-a-vietnamese-auto-startup-living-up-to-its-name .
  24. News: Vietnam's Vingroup takes trip into unknown with first 'national car'. Financial Times. 6 February 2018.
  25. Web site: 2019-05-06 . Vingroup: 3,000 electric buses in Vietnam's future. . 2022-04-23 . Sustainable Bus . en-US.
  26. Web site: List of Clinic, Hospital in Vietnam (Page 1) Vinmec . 2022-02-12 . VinMec . vi.
  27. Web site: 2018-04-10 . Vingroup enters pharmaceutical industry with Vinfa . https://web.archive.org/web/20180721073220/http://vingroup.net/en-us/news-events/news-events/healthcare/vingroup-enters-pharmaceutical-industry-with-vinfa-3196.aspx . 2018-07-21 . VinGroup.
  28. Web site: 2018-04-19 . VinUni creates breakthrough in higher education quality . dead . https://web.archive.org/web/20180419132405/https://vietnamnews.vn/brand-info/426643/vinuni-creates-breakthrough-in-higher-education-quality.html . 2018-04-19 . Việt Nam News.
  29. Web site: Kelley . Susan . March 13, 2018 . Cornell to collaborate with Vingroup to establish VinUniversity in Hanoi, Vietnam – Cornell Chronicle . Cornell Chronicle.
  30. Web site: Siêu ứng dụng thông minh cho người Việt. 2021-12-31. VinID. vi.
  31. Web site: VinAI - Intelligence for Tomorrow, Today . 2024-08-04 . VinAI . en.
  32. Web site: November 23, 2018 . Vingroup opens three technology firms . 2021-12-31 . Việt Nam News . vi-VN.
  33. Web site: Quỹ Thiện Tâm – Giới thiệu – LỜI MỞ ĐẦU . dead . https://web.archive.org/web/20180623150540/http://quythientam.com/vi-VN/AboutUs/thungo-111/2010/Kinh-gui-Quy-doc-gia-9 . 2018-06-23 . quythientam.com . vi-VN.
  34. Web site: Dougn . Dean . December 3, 2019 . VinCommerce and VinEco of Vingroup will be merged with Masan Consumer . Vietnam Insider.
  35. Web site: 2021-04-07 . SK Group acquires stake in VinCommerce for $410m . 2021-12-31 . Retail Insight Network . en-US.

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