Vingroup Joint Stock Company (
Vietnamese: Tập đoàn Vingroup – Công ty CP,
lit. 'Vingroup Company - JSC') is a Vietnamese
conglomerate headquartered in
Long Bien district,
Hanoi. Vingroup is one of the largest conglomerate of Vietnam,[2] focusing on technology, industry,[3] real estate development, retail and services from healthcare to hospitality. As of 2022[update], 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 was originally producing 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.[citation needed]
In 2006, Vinpearl Land, the conglomerate's first amusement park, was opened in
Nha Trang.[citation needed]
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.[6][verification needed]
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.[7] 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.[8]
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.[5]
In September 2017, Vingroup started construction of a car factory for the
VinFast subsidiary.[9]
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.[12]
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.[13][14]
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.[15]
In 2019, Vingroup automobile subsidiary VinFast introduced three new combustion vehicles. [16]
In March 2019, Vingroup acquired the
e-wallet platform MonPay.[17]
In February 2020, Vinpearl Land rebranded as VinWonders.
In May 2021, Vingroup announced that it would cease the production of smartphones and televisions.[20]
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."[21][4]
VinID: Technology product development – providing Fintech, Loytal and Digital Marketing services with roughly 7 million users in 2019.[31]
VinCommerce:
Convenience stores (VinMart+) and supermarkets (VinMart). The controlling stake was sold to
Masan Group in 2019, but VinGroup retains a large stake.[32] South Korean conglomerate SK Group has agreed to acquire a 16.3% stake.[33]