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Vietnam's Vingroup JSC makes first foray into smartphone manufacturing

It is already working with advisers on acquiring technologies and production equipment for the new project.


Reuters Last Updated at 12-06-2018 10:13:05 IST Vietnam
Vietnam's Vingroup JSC makes first foray into smartphone manufacturing
  • It is already working with advisers on acquiring technologies and production equipment for the new project. (Image Credit: Flickr)

Vietnam's biggest conglomerate Vingroup JSC is making its first foray into smartphone manufacturing and sales, aiming for success in the Southeast Asian nation where smaller rivals have failed to dent the popularity of Samsung and Apple phones.

Vingroup said on Tuesday it has established VinSmart Co with registered capital of 3 trillion dong ($131.54 million) to produce smartphones and other smart electronics devices. The phones will be sold under the Vsmart brand.

VinSmart will also conduct research on artificial intelligence and will be located in the port city of Haiphong, Vingroup said in a statement, adding that it is already working with advisers on acquiring technologies and production equipment for the new project.

Vietnam, a nation of 93 million, is the largest smartphone production base for Samsung Electronics. Vingroup has operations in the real estate, education, healthcare, tourism and entertainment, retailing, agriculture and automobile manufacturing sectors.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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