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Tag: Vingroup

  • VinFast announces seven new car models

    VinFast announces seven new car models

    VinFast, Vietnam’s first fully-fledged car manufacturer, plans to launch seven new ‘premium’ models. Following the first line of Lux (short for Luxury) automobiles aimed at the high-end segment, VinFast, a unit of Vietnam’s largest private conglomerate, Vingroup, has announced it will launch a Pre (short for Premium) car line with the aim of tapping a larger customer base.

    The company has opened a polling page for customers to vote on the seven most popular models out of a potential 35.

    The seven Pre models will include a hatchback and a CUV (crossover SUV) for the A and B segments; one Sedan and CUV for the C segment; and 1 Sedan, 1 SUV and 1 family car for the D segment.

    VinFast will continue to work closely with the famous Italian studios, Ital Design, Torino Design, and Pininfarina on designing the new models.

    VinFast showed off its first two car models, a sedan and an SUV, at the Paris Motor Show in France last October just a year after its incorporation, grabbing the attention of the local and international media.

    VinFast’s first production models built under its own badge hit the streets in August 2019.

    According to the Vietnam Automobile Manufacturers’ Association, total car sales in the country topped 288,000 units in 2018, up 5.9 percent from around 272,000 units in 2017.

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  • Vietnam’s top five brands increase value by $2.3 billion

    Vietnam’s top five brands increase value by $2.3 billion

    Vietnam’s five most valuable brands were worth a combined $8.1 billion in 2018, up $2.3 billion or 39 percent against 2017, Brand Finance estimated. The most valuable brand was military-owned mobile network Viettel at $2.8 billion last year, up 9 percent from $2.57 billion 2017, said the UK brand valuation company. The 47th most valuable telecom brand in the world has operations in Laos, Cambodia, Haiti, Mozambique and Peru.

    In second place was Vinamilk, the country’s largest dairy company by far, which was worth $1.9 billion, up 39 percent. State-owned Vietnam Posts and Telecommunications Group (VNPT) was in third place after increasing its brand value by 84 percent to $1.34 billion.

    In fourth and fifth places were Vinhomes, the real estate subsidiary of Vietnam’s largest private conglomerate Vingroup, and Sabeco, Vietnam’s biggest brewer, at $1.18 billion and $950 million respectively.

    Samir Dixit, CEO, Asia-Pacific of Brand Finance, said: “Branding is the most critical asset of every business. It is difficult to predict the performance and behavior of customers, but the only thing that remains a constant is the brand.”

    Brand Finance’s valuation criteria uses several metrics. The value accorded to each brand is a summary of its financial strength. Each brand also gets a brand rating, which indicates its strength, risk and future potential relative to its competitors.

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  • Vietnam tops Southeast Asia in IPOs

    Vietnam tops Southeast Asia in IPOs

    Vietnam surpassed Singapore and Thailand to top Southeast Asia in initial public offerings (IPOs) last year, raising $2.6 billion. This figure was 3.7 times that of 2017, according to consultancy Ernst & Young. Two of three largest IPOs in Southeast Asia last year were launched by Vietnamese companies: $1.34 billion from Vinhomes, a real estate developer of Vietnam’s biggest private firm Vingroup; $923 million from Techcombank, the country’s largest private sector lender.

    However, an opposite trend was seen in Southeast Asia as a whole, with the money raised from IPOs dropping 34 percent over 2017 to $7.1 billion.

    The number of IPO deals in the region also decreased by 7 percent to 115, with 56 of them raising less than $10 million.

    Ernst & Young economist Max Loh said that the reason for this drop was U.S-China trade tensions, which affected the capital market in the region, as Southeast Asian countries have close trade relationships with China.

    Experts feel Vietnam has the potential to attract more foreign investments in the future. A report by law firm Baker McKenzie and consultancy Oxford Economics said that Vietnam will top the region in the amount of money raised via IPOs by 2021.

    The rise of Vietnam and other developing countries in Southeast Asia could intensify competition for new listings among the region’s exchanges, said Tham Tuck Seng, PwC Singapore’s capital markets leader.

    This will increase the pressure on Singapore to differentiate itself even more in order to stand out, CNBC quoted Tham as saying.

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  • Vietnam’s Vsmart global market

    Vietnam’s Vsmart global market

    Vietnam’s largest private firm Vingroup launched four new phone models Friday, saying it aims to sell them internationally. The four new Vsmart phones, manufactured at the group’s VinSmart factory in Vietnam’s northern city of Hai Phong, are priced from 2.49 million ($107.18) to 6.29 million ($270.76) in the introductory phase. The prices will later increase to VND2.59-6.59 million ($111.49-283.67).

    Tran Minh Trung, CEO of VinSmart, said at the launching event that his company wants to branch out to markets outside of Vietnam.

    “We will not stop at the Vietnam market. We will bring out products to the world with five business departments in five continents. A sixth department will be in charge of e-commerce. We are capable of competing and we want to be accepted in both local and international markets,” he said.

    VinSmart is set to be a new competitor in the Vietnam market of 95 million people, currently dominated by Samsung and Apple phones.VinSmart acquired the intellectual property rights for the four phones from Spanish technology firm BQ, in which VinSmart owns a 51 percent stake.

    Vietnam is the largest smartphone production base for Samsung, while key Apple supplier Foxconn is also considering setting up a factory in the country.

    The launching of the phones has happened at rapid speed, just six months after Vingroup established the VinSmart company in June to produce smartphones and other smart electronic devices with a registered capital of VND3 trillion ($131.54 million).

    Vingroup, once a real estate and retail focused conglomerate, also became the country’s first full-fledged domestic car maker in October, introducing three new car models.

    VinSmart factory is capable of making five million phones a year in its first phase of operations, the company has said.

    It has also said that the factory will produce smart TVs and other smart products in the future. VinSmart also signed a multimode global patent license deal on Friday with chip producer Qualcomm.

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  • Vingroup’s smartphone launched soon

    Vingroup’s smartphone launched soon

    Vietnam’s largest private conglomerate, Vingroup, will introduce its first smartphones on December 14 as part of its tech expansion. The company will launch four new models under the brand name “Vsmart,” at the Landmark 81 skyscraper in Ho Chi Minh City.

    The phones are produced at Vingroup’s factory in the northern city of Hai Phong, which is capable of making five million phones a year in its first phase of operations, a Vingroup statement said.

    The company will utilize Spanish experts for product development as it owns 51 percent of Spanish technology firm BQ.

    “We hope that Vsmart phones, alongside VinFast cars, will contribute to the development of Vietnam industry and bring Vietnamese brands to the world,” said Nguyen Viet Quang, vice chairman and chief executive officer of Vingroup.

    Vingroup became the country’s first full-fledged domestic car maker two months ago, introducing three new car models. In June, it established the VinSmart Co. to produce smartphones and other smart electronic devices with a registered capital of VND3 trillion ($131.54 million).

    VinSmart is also working with Qualcomm and Google’s Alphabet Inc to “update to the most advanced technology in the smartphone sector,” the statement said.

    The company will be the newest phone maker seeking success in Vietnam, a country of 95 million people. The market is currently dominated by Samsung and Apple phones. Vietnam is the largest smartphone production base for Samsung Electronics.

    Vingroup said its VinSmart factory will also produce smart TVs and other smart products in the future.

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  • Vingroup to open casino in Pho Quoc Island

    Vingroup to open casino in Pho Quoc Island

    A Vingroup-invested firm has been allowed to include a casino in a hotel-amusement complex on Vietnam’s largest island Phu Quoc. The People’s Committee of Kien Giang Province announced that the Prime Minister has approved in principle the casino’s inclusion in a hotel-amusement being built on the southern province’s island. With the casino business, total investment in the complex will increase to VND50 trillion ($2.14 billion).

    The complex, which is under construction, is scheduled to start operating in 2021. Its main investor is the Phu Quoc Tourism Investment and Development Jsc, a company in which Vingroup, Vietnam’s largest private conglomerate, holds a 50 percent stake.

    The casino project is part of a pilot program that would allow Vietnamese citizens to gamble in casinos in the country for the first time.

    For decades, Vietnam has banned gambling as a social evil. Vietnamese were also prohibited from gambling in the few casinos that have been built in the country.

    Shifting its stance, the government has allowed citizens over 21 years old with a monthly income of at least VND10 million ($445) to gamble in local casinos from last March under a three-year pilot program. However, the casinos have to obtain approval from the government on a case-by-case basis to allow Vietnamese citizens to use their services.

    Vietnam’s average annual income was around $2,200 last year.

    There are fewer than 10 casinos in Vietnam, mostly smaller ones outside major cities. Their services are reserved exclusively for foreign passport holders.

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  • Vingroup to invest in Hanoi smart electronics plant

    Vingroup to invest in Hanoi smart electronics plant

    Vingroup is expected to invest VND1.2 trillion ($51.38 million) in a “Smart Electronics Factory” that will produce smartphones as its first products next year. The project, expected to be operational by the second quarter of 2019, is the first one to be implemented under a cooperation agreement between the Hoa Lac Hi-Tech Park (Hoa Lac HTP) Management Board and Vietnam’s biggest private conglomerate Vingroup.

    According to the agreement, in the period 2018-2020 looking towards 2025, Vingroup will focus its investments on hi-tech manufacturing in the Hoa Lac HTP.

    The corporation will invest in research and development, advanced technology, software, hi-tech industrial manufacturing, housing development, commerce and services in Hoa Lac.

    The first project to be implemented under the agreement will be a “Smart Electronics Factory” in Hoa Lac. Construction will begin as soon as the group’s investment plan is approved by competent authorities.

    The factory will be built on an area of five hectares. Once operational, it is expected to produce 3- 4 million smart electronics products a year, supplying both domestic and international markets.

    Nguyen Viet Quang, vice president and CEO of Vingroup, said that smartphones will be the factory’s first product to debut in the market.

    Minister of Science and Technology Chu Ngoc Anh said the Hoa Lac Hi-Tech Management Board is improving the HTP’s infrastructure, providing the best conditions for investment, and creating a legal corridor to facilitate businesses.

    These efforts are aimed at developing the Hoa Lac Hi-Tech Park into a smart-technology city, he said.

    There are 87 investment licensed projects in Hoa Lac at present with total capital amounting to approximately VND78 trillion ($3.34 billion).

    In 2018 alone, Hoa Lac has welcomed 10 licensed projects with a total registered capital of VND15.86 trillion ($678.74 million).

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  • Vingroup acquires mobile phone retailer Vien Thong A

    Vingroup acquires mobile phone retailer Vien Thong A

    Vietnam’s biggest private conglomerate Vingroup has officially confirmed its acquisition of major tech products retailer Vien Thong A.

    In its financial statement for the third quarter of 2018, Vingroup lists Vien Thong A Import Export Trading Production Corporation as a fully-owned subsidiary.

    On September 14, Mai Thu Thuy, board member of the Vincom Retail Joint Stock Company and Chairwoman of the Vincom Mega Mall Royal City, was appointed legal representative of the acquired company.

    Established in November 1997 in Ho Chi Minh City, Vien Thong A is the oldest retail technology chain in Vietnam. It has nearly 200 stores, including independent shops and a “shop-in-shop” model in BigC supermarket, CoopMart, and 100 service centers.

    In early 2017, Vien Thong A CEO Hoang Ngoc Vy revealed plans to restructure the company and seek investors to expand its business.

    Last month, VinCommerce, a member of Vingroup, bought Fivimart from domestic company Nhat Nam JSC and Japanese retailer AEON, which held 70 percent and 30 percent stakes, respectively.

    In the first nine months of this year, retail sales of Vingroup reached VND12.89 trillion (nearly $555 million), a 41 percent year-on-year surge.

    Vingroup, Vietnam’s biggest property conglomerate, dominates the housing and property markets with Vinhomes.

    It has also entered the healthcare market with Vinmec, runs a chain of supermarkets called Vinmart, and entertains tourists at Vinpearl resorts.

  • Vingroup pours over $583 mln into Vinfast

    Vingroup pours over $583 mln into Vinfast

    Vingroup has invested VND13.6 trillion ($583.3 million) in its auto subsidiary VinFast in the first nine months of the year. VinFast, Vietnam’s first indigenous car manufacturer, is expected to eventually receive investments of $4.2 billion from the parent firm’s internal resources and loans.

    VinFast has already unveiled its first two cars, a sedan and an SUV, causing both excitement and skepticism among Vietnamese.

    From a standing start, it will create an annual capacity of 250,000 cars within the next five years or so, equivalent to 92 percent of all cars sold in Vietnam last year, according to data from the Vietnam Automobile Manufacturers Association.

    VinFast will also produce 250,000 electric scooters a year in an ambitious production target that is set to eventually increase to 1 million.

    In the first three quarters of this year Vingroup recorded over VND23.456 trillion ($1.01 billion) in net revenues, a nearly 7 percent rise year-on-year. Profit before tax topped VND2.6 trillion ($111.52 million), up 41 percent.

    As of September 30 it had total assets of VND268.23 trillion ($11.5 billion), an increase of nearly VND55 trillion ($2.35 billion) from the beginning of this year.

    Vingroup, Vietnam’s biggest property conglomerate, dominates the housing and property markets with Vinhomes. It has entered the healthcare market with Vinmec, runs a chain of supermarkets called Vinmart, and entertains tourists at Vinpearl resorts.

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  • Vingroup retail arm acquires Vietnamese supermarket chain

    Vingroup retail arm acquires Vietnamese supermarket chain

    VinCommerce, owner of the largest Vietnamese retail outlet chain, has bought out competitor supermarket chain Fivimart.

    The deal, whose value has not been revealed, delivers 23 Fivimart outlets to VinMart.

    VinCommerce, a member of the Vingroup business conglomerate, bought Fivimart from domestic company Nhat Nam JSC and Japanese retailer AEON, which held 70 percent and 30 percent stakes, respectively.

    VinCommerce CEO Thai Thi Thanh Hai said that her company’ vision is to have VinMart and VinMart+ (a chain of convenience stores) outlets not just in Vingroup’s apartment buildings and malls, but also in other neighborhoods.

    “The acquisition of Fivimart is part of how we make that vision a reality,” she added.

    The acquisition raises the number of VinMart stores to 100 and that of VinMart+ to 1,400.

    Hai said that VinCommerce plans to have 200 VinMart and 4,000 VinMart+ stores by 2020.

    Nhat Nam JSC sold a 30 percent stake of Fivimart, founded in 2007, to AEON in 2015.

    It had increased its number of outlets from 10 then to 23 now.

    The deal saw Fivimart’s revenue increase, by as much as 20 percent a year for some time.

    But the company has been reporting losses for the last three years, attributing them to high costs. Its losses amounted to VND60 billion ($2.58 million) in 2015, VND96 billion ($4.13 million) in 2016 and VND23 billion ($989,600) last year.

    At the end of last year, Fivimart reported an accumulated loss of almost VND200 billion ($8.6 million), with a debt of VND823 billion ($35.41 million), which was equal to the company’s total asset value.

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  • David Beckham introduces first made-in-Vietnam cars

    David Beckham introduces first made-in-Vietnam cars

    Former Manchester United football star David Beckham introduced the first made-in-Vietnam cars in Paris on Tuesday.

    VinFast, a unit of Vietnam’s largest conglomerate Vingroup, invited Beckham to attend the opening of its new cars at the Paris Motor Show in France.

    Beckham is also known for his collection of rare, valuable cars including an Aston Martin V8 and a Porsche 911 Cabrio.

    His fame as a car connoisseur was a major factor in VinFast choosing to invite Beckham to appear on stage with its new cars, the seven-seater SUV and the four-Sedan, a source said.

    Beckham will also share his first-hand experience driving these cars, the source added.

    VinFast plans to up its to produce 250,000 cars annually in the next five years or so, equivalent to 92 percent of all the cars sold in Vietnam last year, according to Vietnam Automobile Manufacturers’ Association (VAMA) data.VinFast is set to become Vietnam’s first full-fledged domestic car manufacturer when its first models hit the streets next August.

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  • Hanoi seeks approval for Vingroup’s $300 million IT park

    Hanoi seeks approval for Vingroup’s $300 million IT park

    Hanoi has submitted a proposal to the Ministries of Construction and Planning and Investment for building a new IT park possibly in Dong Anh District.

    It will be built by Vingroup on Vo Nguyen Giap Street on the way to Noi Bai Airport.

    It is estimated to cost US$302.54 million and likely to spread over 78.1 hectares, housing a maximum of 19,557 personnel.

    Its construction, to begin in the fourth quarter of this year, will be finished at the end of 2020, when it will open.

    Authorities hope it will interest both foreign and local IT companies thanks to its modern technical and social infrastructure, R&D facilities and other advantages.

    Vingroup also seeks to build facilities such as a data centre, IT functional zones, accommodation for specialists, commercial offices, an R&D complex, a training and consulting zone, exhibition space, parks and a recreation zone inside.

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  • Vincom Centre Landmark 81 launched

    Vincom Centre Landmark 81 launched

    Vingroup has opened its 55th shopping centre, The Vincom Center Landmark 81 mall, in Ho Chi Minh City’s Binh Thanh district.

    The 50,000sqm shopping centre occupies six of the skyscraper’s 81 storeys, housing 100 domestic and international brands in cosmetics, fashion, F&B, and entertainment.

    Fashion brands include Versace Jeans, Calvin Klein, Adidas, Tommy Hilfiger, Lacoste, French Connection, Kimmay, Superdry, H:Connect; Cole Haan, Ecco, Dune London, Parfois, Aldo, Pandora, Longines, OWL and Nike.

    The 7000sqm food and beverage area features 30 restaurants, including China’s Peach Garden, Japan’s Dozo Sushi, Vietnamese restaurants Delights, Di Mai, and coffee shops including Starbucks’ largest Vietnam outlet and Highlands Coffee.

    In the entertainment area, there is a 2000sqm Vincom Ice Rink, Vietnam’s largest, and a CGV cinema complex including an Imax screen, as well as a tiNiWorld entertainment complex and an indoor games centre.

    Vingroup’s food arm VinMart operates a supermarket there.

    Go to gallery below to view the launching event :
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  • Vingroup to take over Vien Thong A

    Vingroup to take over Vien Thong A

    Vietnamese conglomerate Vingroup’s electronics retailing arm VinPro is set to acquire mobile retail chain Vien Thong A next month.

    A source said that staff have been informed about the deal, and a merger process has commenced.

    However, Vien Thong A’s vice GM Huynh Viet Anh responded to a question about the report’s accuracy: “That can not be disclosed now.”

    Vien Thong A is one of the largest mobile device retailers in Vietnam. Founded in 1997, tit has 200 stores across the country.

    The deal is said to have been on and off since early this year, before being deferred to the second quarter. According to the report, VinPro, which has 35 outlets nationwide, would buy 71 per cent of Vien Thong A, and rebrand its stores to VinPro+.

    VinGroup, meanwhile, recently unveiled its first smartphone, branded the Vsmart.

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  • Real estate giant shakes up market with yet another business

    Real estate giant shakes up market with yet another business

    Vingroup has invested VND2.4 trillion ($103.2 million) for an 80 percent stake in payment intermediary services firm VINID Joint Stock Company, according to a statement on the National Business Registration Portal.

    VINID, incorporated this week, has a charter capital of VND3 trillion ($129 million) and its other two founding shareholders are Hanoi-based VICARE Corporation (19 percent) and a person named Nguyen Minh Hong (1 percent).

    VINID sought to operate in 12 different areas of business, and received a registration certificate from the Hanoi Department of Planning and Investment.

    The payment services business must wait for State Bank of Vietnam permission, but the company has indicated it intends to begin as soon as it gets the green light.

    VINID is running Vingroup’s customer loyalty program, issuing VinID cards to customers of all of Vingroup’s subsidiaries.

    The firm takes care of four million card holders, Pham Nhat Vuong, chairman of Vingroup, told the 2018 annual general meeting held in May.

    The entry into the payments industry is meant to take advantage of Vingroup’s huge range of products, the company stated.

    The entry into payments comes on the heels of a slew of announcements the company has made about new business plans this year.

    In June Vingroup had said it would make electronic goods with the Vsmart brand of smartphones getting priority.

    It has set up VinSmart company with a charter capital of VND3 trillion ($129 million) to produce smart electronic products including phones and carry out R&D into artificial intelligence, automation, and next-generation materials.

    It will build a plant at the Dinh Vu – Cat Hai Economic Zone in the northern port city of Hai Phong.

    In April Vingroup revealed plans to enter the pharmaceutical industry and set up a medical research and production facility in the northern province of Bac Ninh.

    It would invest VND2.2 trillion ($94.6 million) in the first phase of the project, the company said.

    Vingroup is the largest listed company in the Vietnamese stock market with its market capitalization reaching $13.62 billion, the group stated on its website in April.

    Last year it raked in net revenues of VND89.350 trillion ($3.84 billion), a 55.1 percent increase year-on-year.

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