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Vingroup
Vietnamese conglomerate founded in 1993 From Wikipedia, the free encyclopedia
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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]
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The company was founded by property developer and entrepreneur Phạm Nhật Vượng in Ukraine in 1993 as Technocom, and originally produced food products.
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History
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Vingroup was founded in Ukraine on August 8, 1993 as Technocom. It started out as a food company, initially producing dried food products, notably instant noodles under the Mivina brand by Phạm Nhật Vượng. By 2000, the company began operations in Vietnam.[6]
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.[7]
In February 2010, Vingroup sold its Technocom facility in Ukraine and the Mivina brand to Nestlé for a deal worth approximately US$150 million.[8][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.[9] 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.[10]
In October 2015, Vingroup bought the Vietnamese supermarket chain Maximark.[9]
In 2016, Vingroup began operating their Vinmec healthcare and Vinschool education subsidiaries as non-profits.[7]
In September 2017, Vingroup started construction of a car factory for the VinFast subsidiary.[11]
In May 2018, 10% of Vinhomes was made public on the Ho Chi Minh City Stock Exchange.[12] 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.[13]
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.[14]
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.[15][16]
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.[17]
In 2019, Vingroup automobile subsidiary VinFast introduced three new combustion vehicles.[18]
In March 2019, Vingroup acquired the e-wallet platform MonPay.[19]
In May 2019, South Korean conglomerate SK Group bought a 6.1% stake in Vingroup for $1 billion.[20][21]
In February 2020, Vinpearl Land rebranded as VinWonders.
In May 2021, Vingroup announced that it would cease the production of smartphones and televisions.[22]
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."[23][5]
In January 2025, Vingroup's market capitalization has declined by nearly half to approximately $6 billion since VinFast's listing in August 2023. Over the past year, its shares have fallen 6.6%, the largest drop among Vietnam's ten largest listed companies, underperforming the Vietnam market's 7.5% gain.[24]
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Subsidiaries
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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.
- Vinhomes: Residential real estate development.
- VinPearl: Resorts One of the founding arms of Vingroup besides Vincom.
- VinWonders: Amusement parks and attractions such as an ice skating rink and a water park and Vinpearl Safari Phu Quoc.[25][26]
- VinFast: Automobile, cars, and motorbike manufacturing.[27][28]
- VinBus: Operator of electric buses.[29]
- VinES (Vin Energy Solution): EV battery manufacturer.
- VinMec: Officially opened in 2012, VinMec currently consists of 7 general hospitals and 2 clinics.[30]
- VinFa: Pharmaceutical.[31]
- VinSchool: K–12 Education.
- VinUniversity: University in partnership with Cornell University and University of Pennsylvania.[32][33]
- VinID: Providing Fintech, Loyalty and Digital Marketing services with roughly 7 million users in 2019.[34]
- VinAI: Artificial intelligence research.[35]
- VinBrain: Healthcare technology using AI and machine learning.
- VinBigData: AI and data science applications for business.
- VinCSS: Cyber security services.[36]
- VinHMS: Hotel management software.
- Thien Tam Fund: Philanthropic organization on behalf of Vingroup.[37]
Sold or dissolved subsidiaries
- VinSmart: Smartphones and televisions.
- VinCommerce: Convenience stores (VinMart+) and supermarkets (VinMart). The controlling stake was sold to Masan Group in 2019, but VinGroup retains a large stake.[38] South Korean conglomerate SK Group has agreed to acquire a 16.3% stake.[39]
- Vincom (Retail): Shopping malls and retail (Vincom Centre, Vincom Plaza, Vincom Mega Mall, Vincom+) One of the founding arms of Vingroup besides VinPearl.
- Vincom (Office): Office real estate.[citation needed]
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References
External links
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