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,[3] focusing on technology, industry,[4] 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.[5]
The company was founded by property developer and entrepreneur Phạm Nhật Vượng in Ukraine in 1993 as Technocom, and originally produced 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.[7][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.[8] 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.[9]
In October 2015, Vingroup bought the Vietnamese supermarket chain Maximark.[8]
In 2016, Vingroup began operating their Vinmec healthcare and Vinschool education subsidiaries as non-profits.[6]
In September 2017, Vingroup started construction of a car factory for the VinFast subsidiary.[10]
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.[13]
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.[14][15]
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.[16]
In 2019, Vingroup automobile subsidiary VinFast introduced three new combustion vehicles.[17]
In March 2019, Vingroup acquired the e-wallet platform MonPay.[18]
In February 2020, Vinpearl Land rebranded as VinWonders.
In May 2021, Vingroup announced that it would cease the production of smartphones and televisions.[21]
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."[22][5]
Subsidiaries
VinPearl Hotel Nha TrangVinMec 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.
VinCommerce: Convenience stores (VinMart+) and supermarkets (VinMart). The controlling stake was sold to Masan Group in 2019, but VinGroup retains a large stake.[36] South Korean conglomerate SK Group has agreed to acquire a 16.3% stake.[37]
Vincom (Retail): Shopping malls and retail (Vincom Centre, Vincom Plaza, Vincom Mega Mall, Vincom+) One of the founding arms of Vingroup besides VinPearl.
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