Vingroup
{{short description|Vietnamese conglomerate founded in 1993}}
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{{Infobox company
| name = Vingroup Joint Stock Company
| logo = Vingroup_logo small.svg
| type = Public
| trade_name = Vingroup Company
| native_name = Tập đoàn Vingroup – Công ty CP
| native_name_lang = vi
| traded_as = {{HOSE|VIC}}
| genre =
| predecessor = Technocom Corporation
| foundation = {{start date and age|1993|8|8}} in Ukraine
as Technocom
| founder = Phạm Nhật Vượng
| hq_location = Vinhomes Riverside
| hq_location_city = Long Bien District, Hanoi
| hq_location_country = Vietnam
| key_people = Nguyễn Việt Quang (CEO)
| area_served = Vietnam
| industry = Conglomerate
| services =
| revenue = {{down}}{{VND|101.8 trillion}} (2022){{Cite web|url=https://vingroup.net/viewer.html?file=https%3A%2F%2Fircdn.vingroup.net%2Fstorage%2FUploads%2F0_Quan%20he%20co%20dong%2F0_Vingroup_2023%2FBCTN%2FBCTN%20Vingroup%202022_ENG.pdf|title=VinGroup Annual Report 2022}}
| net_income = {{up}}{{VND|2.08 trillion}} (2022)
| assets =
| equity =
| owner =
| parent =
| num_employees = 51,400 (2022)
| divisions =
| subsid = See § Subsidiaries
| caption =
| homepage = {{url|vingroup.net}}{{cite web|title=Home|website=Vingroup Company|url=http://vingroup.net/en}}
| footnotes =
}}
Vingroup JSC ({{Langx|vi|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,{{Cite web |last=Nguyen |first=Daisy |date=2020-02-05 |title=Vietnam's largest conglomerate reports huge profits |url=https://vietnaminsider.vn/vietnams-largest-conglomerate-reports-huge-profits/ |url-status=live |archive-url=https://web.archive.org/web/20201128185046/https://vietnaminsider.vn/vietnams-largest-conglomerate-reports-huge-profits/ |archive-date=2020-11-28 |access-date=2021-04-14 |website=Vietnam Insider |language=en-US}} focusing on technology, industry,{{Cite web |date=2018-08-29 |title=Vingroup to become tech-industry-service conglomerate |url=https://vietnamnews.vn/economy/464304/vingroup-to-become-tech-industry-service-conglomerate.html |website=Vietnam News |language=en}} real estate development, retail and services from healthcare to hospitality. {{As of|2022||}}, the revenue of Vingroup and its subsidiaries was almost 1.1% of the GDP of Vietnam.{{Cite news |title=Vingroup, Vietnam's top conglomerate, leaps into global markets |url=https://www.economist.com/business/2022/04/02/vingroup-vietnams-top-conglomerate-leaps-into-global-markets |access-date=2024-02-04 |newspaper=The Economist |issn=0013-0613}}
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|date=April 2024}}
In 2006, Vinpearl Land, the conglomerate's first amusement park, was opened in Nha Trang.{{Citation needed|date=April 2024}}
In 2007, Vingroup was listed on the Ho Chi Minh City Stock Exchange.{{citation |title=Annual Report 2016 |url=http://vingroup.net/Uploads/0_Quan%20he%20co%20dong/0_Vingroup_2017/05/Vingroup_AnnualReport2016_vF_EN.PDF |archive-url=https://web.archive.org/web/20180727212132/http://vingroup.net/Uploads/0_Quan%20he%20co%20dong/0_Vingroup_2017/05/Vingroup_AnnualReport2016_vF_EN.PDF |url-status=dead |archive-date=2018-07-27}}
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.{{Cite web |date=February 26, 2010 |title=Company Nestle bought the Kharkov trademark enterprise "Mivina" |url=http://www.economy-ukraine.com.ua/?p=76 |url-status=dead |archive-url=https://web.archive.org/web/20100301193953/http://www.economy-ukraine.com.ua/?p=76 |archive-date=2010-03-01 |website=Economy of Ukraine}}{{Verification needed|date=April 2024}}
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. 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.{{Cite news |date=15 September 2015 |title=Vingroup begins animal conservation programme on Phu Quoc; safari next |work=VietNamNet |url=https://english.vietnamnet.vn/fms/environment/141444/vingroup-begins-animal-conservation-programme-on-phu-quoc--safari-next.html |url-status=dead |access-date=2 June 2019 |archive-url=https://web.archive.org/web/20190602054002/https://english.vietnamnet.vn/fms/environment/141444/vingroup-begins-animal-conservation-programme-on-phu-quoc--safari-next.html |archive-date=2019-06-02}}
In October 2015, Vingroup bought the Vietnamese supermarket chain Maximark.{{Cite web |title=Vingroup announces plan to buy supermarket chain |url=http://vietnamnews.vn/economy/277631/vingroup-announces-plan-to-buy-supermarket-chain.html |url-status=dead |archive-url=https://web.archive.org/web/20201001131355/https://vietnamnews.vn/economy/277631/vingroup-announces-plan-to-buy-supermarket-chain.html |archive-date=2020-10-01 |access-date=2019-06-02 |website=Việt Nam News |language=en}}
In 2016, Vingroup began operating their Vinmec healthcare and Vinschool education subsidiaries as non-profits.
In September 2017, Vingroup started construction of a car factory for the VinFast subsidiary.{{Cite news |date=2017-09-02 |title=Vietnam's Vingroup starts construction on $1-1.5 billion first... |language=en |work=Reuters |url=https://www.reuters.com/article/us-vietnam-vingroup-idUSKCN1BD092 |access-date=2019-06-02}}
File:Landmark 81 cropped.png tower]]
In May 2018, 10% of Vinhomes was made public on the Ho Chi Minh City Stock Exchange.{{cite news|url=https://www.reuters.com/article/us-vinhomes-ipo/vinhomes-share-sale-raises-1-35-billion-in-vietnams-biggest-issue-sources-idUSKBN1I80F3|title=Vinhomes raises $1.35 billion in Vietnam's biggest share issue:...|first=Anshuman|last=Daga|website=Reuters|date=7 May 2018}} 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.{{cite web |last=Chi |first=Hue |date=July 27, 2018 |title=Vietnam's tallest Landmark opens for business – VnExpress International |url=https://e.vnexpress.net/news/news/vietnam-s-tallest-landmark-opens-for-business-3784106.html |website=VnExpress}}
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.{{Cite news |last=Pearson |first=James |date=2018-10-03 |title=Fast and serious: Vietnam's first domestic car manufacturer bets big |language=en |work=Reuters |url=https://www.reuters.com/article/us-vingroup-vietnam-autos-idUSKCN1MB1WN |access-date=2019-06-02}}
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.{{Cite web |last=Reed |first=John |date=15 December 2018 |title=Vingroup targets 30% Vietnam smartphone market with first mobile |url=https://www.ft.com/content/c7bdf5ea-00d6-11e9-99df-6183d3002ee1 |access-date=2019-06-02 |website=Financial Times |language=en-GB}}{{Cite news |date=2018-12-14 |title=Vietnam's Vingroup targets global markets with smartphones in tech shift |language=en |work=Reuters |url=https://www.reuters.com/article/us-vingroup-smartphones-idUSKBN1OD1IV |access-date=2019-06-02}}
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.{{Cite web |date=2018-11-07 |title=Vietnam to host Formula 1 Grand Prix from 2020 {{!}} Formula 1® |url=https://www.formula1.com/en/latest/article.vietnam-to-host-formula-1-grand-prix-from-2020.5GwYlGbr56A0GCycMuUM0G.html |access-date=2019-06-02 |website=Formula One |language=en}}
In 2019, Vingroup automobile subsidiary VinFast introduced three new combustion vehicles.{{Cite news |last1=K |first1=Oanh Ha |last2=Nguyen |first2=Kieu Giang |last3=Boudreau |first3=John |date=2020-06-08 |title=Vietnam's Richest Man Has a Plan to Save the Virus-Stricken World |language=en |work=Bloomberg News |url=https://www.bloomberg.com/news/features/2020-06-08/vietnam-s-richest-man-plans-ventilator-exports-for-covid-19-cases |access-date=2021-03-23}}
In March 2019, Vingroup acquired the e-wallet platform MonPay.{{Cite web |last=Nguyen |first=Quynh |date=May 24, 2019 |title=Vietnam's Vingroup acquires e-wallet platform MonPay |url=https://www.dealstreetasia.com/stories/vingroup-monpay-vinid-137220/ |access-date=2019-06-02 |website=DealStreetAsia |language=en-US}}
In May 2019, South Korean conglomerate SK Group bought a 6.1% stake in Vingroup for $1 billion.{{Cite news|url=https://www.reuters.com/article/us-sk-group-vingroup-idUSKCN1SM0JS|title=SK Group invests $1 billion in Vingroup as part of Vietnam expansion|date=2019-05-16|work=Reuters|access-date=2019-06-02|language=en}}{{Cite web |date=2019-05-16 |title=SK Group to buy 6.1% stake in Vietnam's Vingroup for US$1b |url=https://www.businesstimes.com.sg/asean-business/sk-group-to-buy-61-stake-in-vietnams-vingroup-for-us1b |access-date=2019-06-02 |website=The Business Times |language=en}}
In February 2020, Vinpearl Land rebranded as VinWonders and.
In May 2021, Vingroup announced that it would cease the production of smartphones and televisions.{{Cite web |last=Onishi |first=Tomoya |date=May 11, 2021 |title=Vingroup makes quick exit out of smartphones in shift to EVs |url=https://asia.nikkei.com/Business/Electronics/Vingroup-makes-quick-exit-out-of-smartphones-in-shift-to-EVs |access-date=2022-02-12 |website=Nikkei Asia |language=en-GB}}
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."{{Cite web |last=Onishi |first=Tomoya |date=February 9, 2022 |title=Vingroup loses $1bn in manufacturing on poor sales of gasoline cars |url=https://asia.nikkei.com/Business/Automobiles/Vingroup-loses-1bn-in-manufacturing-on-poor-sales-of-gasoline-cars |access-date=2022-02-12 |website=Nikkei Asia |language=en-GB}}
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.{{Cite news |title=EV maker VinFast's losses heap pressure on parent Vingroup as foreign investors sell |url=https://www.reuters.com/business/autos-transportation/ev-maker-vinfasts-losses-heap-pressure-parent-vingroup-foreign-investors-sell-2025-01-23/ |work=Reuters}}
Subsidiaries
File:Vinpearl Hotel - Nha Trang.jpgFile:Vinmec-IMG 0074-08032012.jpgVingroup 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.{{Cite web |date=17 June 2020 |title=Khám Phá Vinpearl Safari Phú Quốc |url=https://phuquoctrip.com/blog/kham-pha-vinpearl-safari-phu-quoc.html |website=John's Tours Phu Quoc}}{{Cite web |title=Khám Phá Vinwonders Phú Quốc – Công Viên Chủ Đề Lớn Nhất Việt Nam – Công Viên San Hô Phú Quốc |url=https://congviensanhophuquoc.com/kham-pha-vinwonders-phu-quoc-cong-vien-chu-de-lon-nhat-viet-nam|archive-url=https://web.archive.org/web/20210620130421/https://congviensanhophuquoc.com/kham-pha-vinwonders-phu-quoc-cong-vien-chu-de-lon-nhat-viet-nam/|url-status=dead|archive-date=June 20, 2021}}
- VinFast: Automobile, cars, and motorbike manufacturing.{{cite web |last=Vasilash |first=Gary S. |title=VinFast: A Vietnamese Auto Startup Living Up to Its Name |url=https://www.adandp.media/blog/post/vinfast-a-vietnamese-auto-startup-living-up-to-its-name |url-status=dead |website=www.adandp.media |access-date=May 9, 2018 |archive-date=June 30, 2018 |archive-url=https://web.archive.org/web/20180630004510/https://www.adandp.media/blog/post/vinfast-a-vietnamese-auto-startup-living-up-to-its-name }}{{cite news|title=Vietnam's Vingroup takes trip into unknown with first 'national car'|url=https://www.ft.com/content/97b0defe-074d-11e8-9650-9c0ad2d7c5b5|website=Financial Times|date=6 February 2018}}
- VinBus: Operator of electric buses.{{Cite web |date=2019-05-06 |title=Vingroup: 3,000 electric buses in Vietnam's future. |url=https://www.sustainable-bus.com/news/3000-electric-buses-in-vietnams-future-production-and-deployment-by-vingroup/ |access-date=2022-04-23 |website=Sustainable Bus |language=en-US}}
- VinES (Vin Energy Solution): EV battery manufacturer.
- VinMec: Officially opened in 2012, VinMec currently consists of 7 general hospitals and 2 clinics.{{Cite web |title=List of Clinic, Hospital in Vietnam (Page 1) {{!}} Vinmec |url=https://www.vinmec.com/en/danh-sach/ca-nuoc/coso-benh-vien-v-phong-kham/ |access-date=2022-02-12 |website=VinMec |language=vi}}
- VinFa: Pharmaceutical.{{Cite web |date=2018-04-10 |title=Vingroup enters pharmaceutical industry with Vinfa |url=http://vingroup.net/en-us/news-events/news-events/healthcare/vingroup-enters-pharmaceutical-industry-with-vinfa-3196.aspx |archive-url=https://web.archive.org/web/20180721073220/http://vingroup.net/en-us/news-events/news-events/healthcare/vingroup-enters-pharmaceutical-industry-with-vinfa-3196.aspx |archive-date=2018-07-21 |website=VinGroup}}
- VinSchool: K–12 Education.
- VinUniversity: University in partnership with Cornell University and University of Pennsylvania.{{Cite web |date=2018-04-19 |title=VinUni creates breakthrough in higher education quality |url=https://vietnamnews.vn/brand-info/426643/vinuni-creates-breakthrough-in-higher-education-quality.html#Elb8gkZh1YS54pIA.97 |url-status=dead |archive-url=https://web.archive.org/web/20180419132405/https://vietnamnews.vn/brand-info/426643/vinuni-creates-breakthrough-in-higher-education-quality.html |archive-date=2018-04-19 |website=Việt Nam News}}{{cite web |last=Kelley |first=Susan |date=March 13, 2018 |title=Cornell to collaborate with Vingroup to establish VinUniversity in Hanoi, Vietnam – Cornell Chronicle |url=http://news.cornell.edu/stories/2018/03/cornell-collaborate-vingroup-establish-vinuniversity-hanoi-vietnam |website=Cornell Chronicle}}
- VinID: Providing Fintech, Loyalty and Digital Marketing services with roughly 7 million users in 2019.{{Cite web|title=Siêu ứng dụng thông minh cho người Việt|url=https://vinid.net/|access-date=2021-12-31|website=VinID|language=vi}}
- VinAI: Artificial intelligence research.{{Cite web |title=VinAI - Intelligence for Tomorrow, Today |url=https://vietnamnews.vn/brand-info/772326/vingroup-to-announce-a-pioneering-solution-to-optimize-cameras-under-display.html |access-date=2024-08-04 |website=VinAI |language=en}}
- VinBrain: Healthcare technology using AI and machine learning.
- VinBigData: AI and data science applications for business.
- VinCSS: Cyber security services.{{Cite web |last= |date=November 23, 2018 |title=Vingroup opens three technology firms |url=http://bizhub.vn/tech/vingroup-opens-three-technology-firms_301022.html |access-date=2021-12-31 |website=Việt Nam News |language=vi-VN}}
- VinHMS: Hotel management software.
- Thien Tam Fund: Philanthropic organization on behalf of Vingroup.{{cite web |title=Quỹ Thiện Tâm – Giới thiệu – LỜI MỞ ĐẦU |url=http://quythientam.com/vi-VN/AboutUs/thungo-111/2010/Kinh-gui-Quy-doc-gia-9 |url-status=dead |archive-url=https://web.archive.org/web/20180623150540/http://quythientam.com/vi-VN/AboutUs/thungo-111/2010/Kinh-gui-Quy-doc-gia-9 |archive-date=2018-06-23 |website=quythientam.com |language=vi-VN}}
= 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.{{Cite web |last=Dougn |first=Dean |date=December 3, 2019 |title=VinCommerce and VinEco of Vingroup will be merged with Masan Consumer |url=https://vietnaminsider.vn/vincommerce-and-vineco-of-vingroup-will-be-merged-with-masan-consumer/ |website=Vietnam Insider}} South Korean conglomerate SK Group has agreed to acquire a 16.3% stake.{{Cite web |date=2021-04-07 |title=SK Group acquires stake in VinCommerce for $410m |url=https://www.retail-insight-network.com/news/sk-group-vincommerce-acquisition/ |access-date=2021-12-31 |website=Retail Insight Network |language=en-US}}
- 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|date=May 2023}}
References
{{reflist}}
External links
- {{commonscatinline}}
- {{Official website|http://vingroup.net/}}
- {{Facebook|vingroup.net}}
{{VinFast}}
{{authority control}}
Category:Conglomerate companies established in 1993
Category:Real estate companies established in 1993
Category:1993 establishments in Vietnam
Category:Vietnamese companies established in 1993