Major local conglomerate Vingroup today announced plans to start manufacturing smart electronic devices, beginning with smartphones under the Vsmart brand.
Accordingly, the company will establish VinSmart Co. with the registered capital of VND3 trillion ($133 million), which will be operating in the main fields of producing 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 car manufacturing complex VinFast located at Dinh Vu-Cat Hai Economic Zone in the northern port city of Haiphong.
Vingroup is working with the world’s leading advisors on acquiring cutting-edge technologies and production equipment to serve its new project.
Addressing the company’s foray into this new field, Vingroup’s deputy chairman and general director Nguyen Viet Quang said, “We want to make intensive investments into the research and application of new technologies and products to promote Vietnam’s presence on the global tech map.”
“Engagement into a technology-intensive field like smart phone manufacturing attests to Vingroup’s commitment to building up intellect-based production, bolstering the local economy’s efficiency,” Quang added.
Last September Vingroup organised the ground-breaking ceremony of its electric automobile and motorbike manufacturing complex Vinfast with the total investment capital of VND35 trillion ($1.5 billion).
The complex has a designed capacity of 500,000 units. At the first phase, the plant will manufacture five-seat sedan and seven-seat SUV models and electric motorbikes, meeting EU quality standards. The capacity of the first phase will be between 100,000- 200,000 units.