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Vingroup

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Vingroup Joint Stock Company
Vingroup Company
Native name
Tập đoàn Vingroup – Công ty CP
Company typePublic
HOSE: VIC
IndustryConglomerate
PredecessorTechnocom Corporation
FoundedAugust 8, 1993; 31 years ago (1993-08-08) in Ukraine
as Technocom
FounderPhạm Nhật Vượng
HeadquartersVinhomes Riverside,
Long Bien District, Hanoi
,
Vietnam
Area served
Vietnam
Key people
Nguyễn Việt Quang (CEO)
RevenueDecreaseVNđ101.8 trillion (2022) [1]
IncreaseVNđ2.08 trillion (2022)
Number of employees
51,400 (2022)
SubsidiariesSee § Subsidiaries
Websitevingroup.net

Vingroup JSC (Vietnamese: Tập đoàn Vingroup – Công ty CP, lit. 'Vingroup Group – JSC') 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. As of 2022, 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

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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 2007, Vingroup was listed on the Ho Chi Minh City Stock Exchange.[5]

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]

Landmark 81 tower

In May 2018, 10% of Vinhomes was made public on the Ho Chi Minh City Stock Exchange.[10] 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.[11]

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 May 2019, South Korean conglomerate SK Group bought a 6.1% stake in Vingroup for $1 billion.[18][19]

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]

Subsidiaries

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VinPearl Hotel Nha Trang
VinMec hospital

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

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References

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  1. ^ "VinGroup Annual Report 2022" (PDF).
  2. ^ Nguyen, Daisy (February 5, 2020). "Vietnam's largest conglomerate reports huge profits". Vietnam Insider. Archived from the original on November 28, 2020. Retrieved April 14, 2021.
  3. ^ "Vietnam's Vingroup announces ambitious plan to become tech corporation". Tuoi Tre News. August 23, 2018. Retrieved March 23, 2021.[dead link‍]
  4. ^ a b "Vingroup, Vietnam's top conglomerate, leaps into global markets". The Economist. ISSN 0013-0613. Retrieved February 4, 2024.
  5. ^ a b Annual Report 2016 (PDF), archived from the original (PDF) on July 27, 2018
  6. ^ "Company Nestle bought the Kharkov trademark enterprise "Mivina"". Economy of Ukraine. February 26, 2010. Archived from the original on March 1, 2010.
  7. ^ a b "Vingroup announces plan to buy supermarket chain". Việt Nam News. Archived from the original on October 1, 2020. Retrieved June 2, 2019.
  8. ^ "Vingroup begins animal conservation programme on Phu Quoc; safari next". VietNamNet. September 15, 2015. Archived from the original on June 2, 2019. Retrieved June 2, 2019.
  9. ^ "Vietnam's Vingroup starts construction on $1-1.5 billion first..." Reuters. September 2, 2017. Retrieved June 2, 2019.
  10. ^ Daga, Anshuman (May 7, 2018). "Vinhomes raises $1.35 billion in Vietnam's biggest share issue:..." Reuters.
  11. ^ Chi, Hue (July 27, 2018). "Vietnam's tallest Landmark opens for business – VnExpress International". VnExpress.
  12. ^ Pearson, James (October 3, 2018). "Fast and serious: Vietnam's first domestic car manufacturer bets big". Reuters. Retrieved June 2, 2019.
  13. ^ Reed, John (December 15, 2018). "Vingroup targets 30% Vietnam smartphone market with first mobile". Financial Times. Retrieved June 2, 2019.
  14. ^ "Vietnam's Vingroup targets global markets with smartphones in tech shift". Reuters. December 14, 2018. Retrieved June 2, 2019.
  15. ^ "Vietnam to host Formula 1 Grand Prix from 2020 | Formula 1®". Formula One. November 7, 2018. Retrieved June 2, 2019.
  16. ^ K, Oanh Ha; Nguyen, Kieu Giang; Boudreau, John (June 8, 2020). "Vietnam's Richest Man Has a Plan to Save the Virus-Stricken World". Bloomberg News. Retrieved March 23, 2021.
  17. ^ Nguyen, Quynh (May 24, 2019). "Vietnam's Vingroup acquires e-wallet platform MonPay". DealStreetAsia. Retrieved June 2, 2019.
  18. ^ "SK Group invests $1 billion in Vingroup as part of Vietnam expansion". Reuters. May 16, 2019. Retrieved June 2, 2019.
  19. ^ "SK Group to buy 6.1% stake in Vietnam's Vingroup for US$1b". The Business Times. May 16, 2019. Retrieved June 2, 2019.
  20. ^ Onishi, Tomoya (May 11, 2021). "Vingroup makes quick exit out of smartphones in shift to EVs". Nikkei Asia. Retrieved February 12, 2022.
  21. ^ Onishi, Tomoya (February 9, 2022). "Vingroup loses $1bn in manufacturing on poor sales of gasoline cars". Nikkei Asia. Retrieved February 12, 2022.
  22. ^ "Khám Phá Vinpearl Safari Phú Quốc". John's Tours Phu Quoc. June 17, 2020.
  23. ^ "Khám Phá Vinwonders Phú Quốc – Công Viên Chủ Đề Lớn Nhất Việt Nam – Công Viên San Hô Phú Quốc".[permanent dead link‍]
  24. ^ Vasilash, Gary S. "VinFast: A Vietnamese Auto Startup Living Up to Its Name". www.adandp.media. Archived from the original on June 30, 2018. Retrieved May 9, 2018.
  25. ^ "Vietnam's Vingroup takes trip into unknown with first 'national car'". Financial Times. February 6, 2018.
  26. ^ "Vingroup: 3,000 electric buses in Vietnam's future". Sustainable Bus. May 6, 2019. Retrieved April 23, 2022.
  27. ^ "List of Clinic, Hospital in Vietnam (Page 1) | Vinmec". VinMec (in Vietnamese). Retrieved February 12, 2022.
  28. ^ "Vingroup enters pharmaceutical industry with Vinfa". VinGroup. April 10, 2018. Archived from the original on July 21, 2018.
  29. ^ "VinUni creates breakthrough in higher education quality". Việt Nam News. April 19, 2018. Archived from the original on April 19, 2018.
  30. ^ Kelley, Susan (March 13, 2018). "Cornell to collaborate with Vingroup to establish VinUniversity in Hanoi, Vietnam – Cornell Chronicle". Cornell Chronicle.
  31. ^ "Siêu ứng dụng thông minh cho người Việt". VinID (in Vietnamese). Retrieved December 31, 2021.
  32. ^ "VinAI - Intelligence for Tomorrow, Today". VinAI. Retrieved August 4, 2024.
  33. ^ "Vingroup opens three technology firms". Việt Nam News (in Vietnamese). November 23, 2018. Retrieved December 31, 2021.
  34. ^ "Quỹ Thiện Tâm – Giới thiệu – LỜI MỞ ĐẦU". quythientam.com (in Vietnamese). Archived from the original on June 23, 2018.
  35. ^ Dougn, Dean (December 3, 2019). "VinCommerce and VinEco of Vingroup will be merged with Masan Consumer". Vietnam Insider.
  36. ^ "SK Group acquires stake in VinCommerce for $410m". Retail Insight Network. April 7, 2021. Retrieved December 31, 2021.
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