Description
Vingroup is the largest conglomerate of Vietnam, focusing on technology, industry, real estate development, retail and services ranging from healthcare to hospitality. In 2022 the revenue of Vingroup and its subsidiaries was almost 1.1% of the GDP of Vietnam.
The company was founded by property developer and entrepreneur Phạm Nhật Vượng in Ukraine in 1993 as Technocom and was originally producing food products.
History
Vingroup was founded in Ukraine on August 8, 1993 as Technocom, originally producing dried foods, such as instant noodles, mainly under the Mivina brand by Phạm Nhật Vượng.
In 2000, the company began operations in Vietnam.
In 2006, Vinpearl Land, the first amusement park was opened in Nha Trang.
In 2007, Vingroup was listed on the Ho Chi Minh City Stock Exchange.
In 2010, Vingroup sold its Ukraine operation to Nestlé for $150 million USD.
In October 2014, Vingroup bought the supermarket chain OceanMart in a move to gain market share in the retail industry, and renamed it VinMart.
In September 2015, Vingroup launched a major animal conservation program on Phú Quốc, Vietnam's largest island.
In October 2015, Vingroup bought the Vietnamese supermarket chain Maximark.
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.
In May 2018, 10% of Vinhomes was made public on the Ho Chi Minh City Stock Exchange. The 25 year anniversary of Vingroup was celebrated by the opening of the Vingroup owned Landmark 81 tower in Ho Chi Minh City, the tallest completed building in Southeast Asia at the time.
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.
In December 2018, Vingroup entered the smartphone market with the launch of VSmart phones, running on Android. The smartphones are produced by the VinSmart unit.
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.
In 2019, Vingroup automobile subsidiary VinFast introduced three new combustion vehicles.
In March 2019, Vingroup acquired the e-wallet platform MonPay.
In May 2019, South Korean conglomerate SK Group bought a 6.1% stake in Vingroup for $1 billion.
In February 2020, Vinpearl Land rebranded as VinWonders.
In May 2021, Vingroup announced that it would cease the production of smartphones and televisions.
In 2021, Vingroup's manufacturing division lost approximately $1.05 billion in 2021 "due to sluggish sales of gasoline-powered cars at home and growing investments in the emerging electric vehicle business."
