Vingroup's Skyward Ambitions: VinSpace Takes Flight in Aerospace

Pham Nhat Vuong, founder of Vingroup, has launched VinSpace to produce planes and spacecraft, diversifying further from their real estate roots. With $11.4 million in initial capital, the company supports Vingroup's expansion into aerospace, telecommunication satellites, and scientific research, complementing its electric car, railway, and steel sectors.

Pham Nhat Vuong, the tycoon behind Vietnam's largest listed firm, Vingroup, is branching into aerospace with the establishment of VinSpace Joint Stock Company. The new venture aims to manufacture planes and spacecraft, diversifying the conglomerate's portfolio.

Vingroup, predominantly known for its real estate ventures, also operates subsidiaries including electric carmaker VinFast and a $70 billion high-speed railway project. VinSpace, launched with an initial capital of 300 billion dong ($11.4 million), signals the group's ambitions in aerospace and satellite telecommunications.

Vuong, who amassed his fortune through ventures in Ukraine and has since become Vietnam's wealthiest individual, holds a 71% stake in VinSpace. The company will support Vingroup's existing sectors and explore new avenues amid Vietnam's trade challenges. The government encourages conglomerates to seek growth opportunities as it navigates export-related uncertainties.

(With inputs from agencies.)