Vingroup expects to launch its Vsmart smart phones brand next year and distribute them in all mobile phone distribution channels, including the Vinmart + chain.
Vingroup started to study the project to manufacture mobile phones under the Vsmart brand months ago. It has also worked with consultancy firms to build the manufacturing plans as well as models.
Besides, the group has negotiated with partners to buy design copyrights, manufacturing lines, and components for Vsmart products.
Nguyen Viet Quang, vice president cum CEO of Vingroup, shared that Vsmart products will target the mid-price segment. Vingroup will try to increase the localisation rate for Vsmart products via co-operating with both foreign and local partners to manufacture common components and accessories in the country.
Vingroup will buy key components which are not produced by local manufacturers and the world’s leading mobile phone manufacturers also have to import.
Quang also added that Vsmart products will be present in smart phone retail channels across the country, even Vinmart + stores will have booths to sell Vsmart products.
Manufacturing smart phones under the Vsmart brand is part of Vingroup’s strategy to manufacture smart electronic devices.
Accordingly, the company will establish VinSmart Co. with the registered capital of VND3 trillion ($133 million), which will mainly produce smart electronic devices, initially smart phones under the Vsmart brand, and research the application of artificial intelligence (AI), automation, and new-generation materials.
The Vsmart manufacturing plant will be built following international standards at the company’s existing Vinfast car manufacturing complex located at Dinh Vu-Cat Hai Economic Zone in the northern port city of Haiphong.
The plans to produce smart phones drew the attention the public.
Nguyen Dung commented on Vnexpress that he would be willing to buy Vsmart products if they had a competitive price, up-to-date technology, and good design. He and other Vietnamese customers promised to contribute their part to take the “Made in Vietnam” smart phone abroad.
Linh Manh commented that Vingroup should launch smart phones in the medium segment (VND4-10 million, $175.18-437.95), the segment seeing the highest demand in Vietnam.