VinSmart stops smartphone and TV manufacturing

Vingroup, Vietnam’s largest private conglomerate, has unveiled plans for its subsidiary VinSmart to halt the manufacturing of televisions and smartphones to concentrate on developing electronic products and other components for VinFast cars.

Vingroup has made an official announcement on halting research and manufacturing of televisions and mobile phones to focus its resources on developing electronic products and "Infotainment" features for VinFast cars and smart houses.

VinSmart bất ngờ tuyên bố ngưng sản xuất điện thoại, TV

The first Vsmart phone models launched in Vietnam. (Photo: Hai Dang)

The focus wi be the development of information - entertainment - service (Infotainment) features for VinFast cars. With nearly 150 Infotainment features that are coming soon, VinFast cars will bring different conveniences, creating a competitive advantage in the global auto market.

The group will also focus on the research, design and manufacture of electronic components, battery cells, complete battery systems and electric motors of all kinds, in order to increase localization rates and ensure a high-quality supply for VinFast.

In addition to focusing heavily on VinFast, VinSmart, a subsidiary of Vingroup, will also continue to promote current research on smart cities - smart homes and related IoT (Internet of things) devices to bring superior living experiences to customers.

VinSmart will continue to manufacture existing smart phones and televisions until the end of the product's life cycle. After that, part of the factory will be used to outsource and the remaining part will be expanded and adjusted to produce new products.

 

Regarding the products sold to the market, VinSmart has committed to maintain the warranty, repair and care policies until customers no longer use the products. In particular, part of the phone software design department will continue to research to upgrade and update Vsmart phones that have been sold to the market.

VinSmart was born in June 2018, starting with the production of Vsmart brand smartphones. After nearly three years of development, Vsmart has introduced to the market 19 phone models and 5 TV models.

Vsmart phones once ranked third in the Vietnamese smartphone market, holding over 15% of the market share. According to the latest report, Vsmart accounted for about 9% market share in the first quarter of this year.

Hai Dang

Selling cars and smartphones, Vietnam’s No. 1 billionaire earns huge profits

Selling cars and smartphones, Vietnam’s No. 1 billionaire earns huge profits

The first quarter profit of Vingroup, owned by Vietnam’s richest man Pham Nhat Vuong, increased five times over the same period last year thanks to three major real estate projects and high growth in sales of VinFast cars and smartphones.

Billionaire Pham Nhat Vuong builds 'entertainment city', considers billion-dollar deal in the US

Billionaire Pham Nhat Vuong builds 'entertainment city', considers billion-dollar deal in the US

Billionaire Pham Nhat Vuong's company has recorded impressive business results despite the Covid-19 pandemic. 

 
 

Other News

.
Hanoi wants to tax abandoned villas
Hanoi wants to tax abandoned villas
BUSINESSicon  04/06/2021 

Hanoi has proposed to the Ministry of Finance the imposition of a tax or fine on owners of half-finished and abandoned townhouses and villas which were causing considerable waste of land resources.

VN may have to reduce renewable power in the next five years: energy institute
VN may have to reduce renewable power in the next five years: energy institute
BUSINESSicon  04/06/2021 

It is likely that Vietnam will have to reduce renewable energy sources in the next five years, as booming development in recent years was weighing on the power system, according to a recent report by the Institute of Energy.

Vietnam Airlines to sell 11 aircraft
Vietnam Airlines to sell 11 aircraft
BUSINESSicon  04/06/2021 

The national flag carrier Vietnam Airlines has announced the plan to sell 11 A321ceo aircraft made in 2004, 2007 and 2008.

Covid-19 pandemic helps clean up condotel market in Vietnam
Covid-19 pandemic helps clean up condotel market in Vietnam
BUSINESSicon  04/06/2021 

Severe economic impacts as a result of the pandemic have put more stress on the local condotel market.

IPs set up, but Vietnam still needs to do more to attract investors
IPs set up, but Vietnam still needs to do more to attract investors
BUSINESSicon  03/06/2021 

There were positive developments of industrial parks in Vietnam in the first five months of the year, but experts still say the country should do more to attract big investors.

CPI growth in Jan-May lowest in five years
CPI growth in Jan-May lowest in five years
BUSINESSicon  03/06/2021 

The country’s consumer price index (CPI) in the first five months of the year grew 1.29% year-on-year, the lowest for the period since 2016, according to the General Statistics Office.

Ministry of Finance proposes keeping fee reductions until end of 2021
Ministry of Finance proposes keeping fee reductions until end of 2021
BUSINESSicon  03/06/2021 

The Ministry of Finance has proposed extending the reduction periods of several fees beyond the current expiration date of June 30.

Nearly 60,000 businesses withdraw from market
Nearly 60,000 businesses withdraw from market
BUSINESSicon  03/06/2021 

The number of newly established enterprises is still increasing, but the rate of businesses withdrawing from the market has also risen.

LG pulls out of smartphone production in Vietnam from today
LG pulls out of smartphone production in Vietnam from today
BUSINESSicon  02/06/2021 

Today, June 1, is the last day that South Korean conglomerate LG produces smartphones in Vietnam before it focuses on making home appliances only.

VIETNAM BUSINESS NEWS JUNE 3
VIETNAM BUSINESS NEWS JUNE 3
BUSINESSicon  03/06/2021 

 Stock market hits historic peaks

Investment into local start-ups expected to rise this year
Investment into local start-ups expected to rise this year
BUSINESSicon  01/06/2021 

The investment capital into Vietnamese start-ups this year would see a breakthrough despite a year-on-year decrease of 48 per cent in 2020 to reach US$451 million.

Businesses seek sources to buy vaccines for their workers
Businesses seek sources to buy vaccines for their workers
FEATUREicon  02/06/2021 

The electronics, textile and garment, footwear, wooden furniture and dairy sectors have proposed that the Government allow them to seek vaccine sources and pay for vaccinations at their enterprises so they can maintain production.

Vaccines yet to come, but biotech share prices escalate
Vaccines yet to come, but biotech share prices escalate
BUSINESSicon  02/06/2021 

Biotech shares, especially the shares of vaccine producers, are being sought by investors.

Selling farm produce online: e-commerce sites compete to attract farmers
Selling farm produce online: e-commerce sites compete to attract farmers
BUSINESSicon  02/06/2021 

For years, farmers had to rely on the wholesale distribution method and could not sell products directly to consumers. But that has changed in recent years.

Money flows strongly into Vietnam’s stock market
Money flows strongly into Vietnam’s stock market
BUSINESSicon  02/06/2021 

The flow of money from several hundred thousand newly-opened accounts into the stock market has expanded the pockets of Vietnamese billionaires by hundreds of millions of US dollars in a short time.

Difficulties facing the country eased by corporate social responsibility activities
Difficulties facing the country eased by corporate social responsibility activities
FEATUREicon  03/06/2021 

After the Covid-19 vaccine fund was established, Vietnamese businesses contributed hundreds of billions of Vietnamese dong. Many companies said they are willing to vaccinate their employees and customers with their own sources.

New master plan for seaports needed to further boost economic development
New master plan for seaports needed to further boost economic development
BUSINESSicon  01/06/2021 

A new master plan for seaports is needed to further boost the country’s socio-economic development in the rapid international integration process, experts have said.

Realty tax needs revamp to ensure fairness
Realty tax needs revamp to ensure fairness
BUSINESSicon  31/05/2021 

Realty tax not only creates sources of collection for the State budget but also is a policy able to spur growth and reduce bribery related to land. Vietnam does have realty tax.

Many companies manufacture components for Samsung, Foxconn resume operations
Many companies manufacture components for Samsung, Foxconn resume operations
BUSINESSicon  01/06/2021 

The Management Board of Industrial Parks of Bac Giang Province has allowed nine enterprises in Van Trung, Dinh Tram and Quang Chau industrial parks in Viet Yen district, Vietnam’s largest epidemic hotspot, to resume operations.

VIETNAM BUSINESS NEWS JUNE 1
VIETNAM BUSINESS NEWS JUNE 1
BUSINESSicon  01/06/2021 

Shares gain on buoyant banking stocks

 
 
 
Leave your comment on an article

OR QUICK LOGIN