In the year of the Dragon, Vingroup Corporation (stock code: VIC) and billionaire Pham Nhat Vuong had a busy year in restructuring their investments. Last year, the richest man in Vietnam showed his vision when he wanted to expand Vingroup’s ecosystem into technology and robotics.
Vingroup establishes series of technology and robotics companies
In the year of Giap Thin, Vingroup established 3 new companies including Movian AI (separated from VinAI), VinMotion Multi-purpose Robot Research, Development and Application Joint Stock Company and VinMotion VinRobotics Multi-purpose Robot Research, Development and Application Joint Stock Company.
The businesses mark the group’s entry into a robotics sector that could be worth $7 trillion by 2025.
Notably, VinRobotics and VinMotion are like two “twin” companies, both with a charter capital of 1,000 billion VND, and the same shareholder structure including Vingroup holding 51%, Mr. Pham Nhat Vuong holding 39%, and Mr. Pham Nhat Vuong’s two sons , Pham Nhat Quan Anh and Pham Nhat Minh Hoang, holding 5% respectively.
Both companies are registered to do business in the main field of manufacturing industrial robots and intelligent robots for various purposes. Ms. Nguyen Mai Hoa is the legal representative of both companies.
In recent years, Vingroup has continuously promoted investment in developing capacity in the field of technology, especially high technology. The Group’s ecosystem of subsidiaries in the field of technology and industry currently has 5 members, including VinFast, VinSmart, VinAI, VinBigdata, VinHitech. Thus, if Vingroup’s two new robotics companies officially come into operation, the number of technology companies of the Group will be increased to 7 companies.
Not only Vingroup established technology and robotics companies, billionaire Pham Nhat Vuong himself also invested in establishing his own company to support this transition, especially supporting VinFast. In the past year, the richest man in Vietnam established FGF, VinDT, V-Green… with main businesses related to electric vehicles and technology to support VinFast and Vingroup.
On the selling side, Vingroup “closed the year” by selling VinBrain to Nvidia. The value of the deal was not disclosed.
Not only selling Vinbrain, in October 2024, Tech in Asia reported that Vingroup is looking to sell its shares in VinAI. VinAI was established as a research institute of Vingroup. Then, this company became a subsidiary in 2021 with a capital of 425 billion VND (17 million USD).
Vingroup divests from many real estate companies
In the year of Giap Thin, Vingroup made many historic transfer deals. A typical example is the divestment from Vincom Retail (code: VRE). Accordingly, Vingroup sold 41.5% of Vincom Retail’s capital through the transfer of 99% of SDI’s capital. Thereby, both SDI and Vincom Retail are not subsidiaries of Vingroup.
The total value of the above deal is 39,100 billion VND (equivalent to 1.56 billion USD). Vingroup has also received the entire amount.
In addition to Vincom Retail, Vingroup also sold two real estate companies with capital of up to tens of thousands of billions, NVY and VYHT. These are both secondary developers in the Vinhomes Royal Island super project in Hai Phong. The partners who bought them are foreign real estate corporations.
The past is “cut off” drastically
In fact, in the past, Vingroup was known as a company that restructured drastically. Vingroup’s first “famous” divestment deal was the sale of all shares of Vincom Securities (VincomSC).
By the end of 2019, the market was “shocked” by the news that Vingroup had swapped shares of VinCommerce, the owner of the VinMart supermarket chain and VinMart+ convenience stores, with Masan Group (stock code MSN), officially saying goodbye to the retail sector.
Vingroup also sold VinEco to Masan Group in this deal. In addition to selling VinCommerce or VinEco to Masan Group, billionaire Pham Nhat Vuong’s company has decided to close the VinPro electronics and technology store chain and the Adayroi e-commerce platform.
In early 2020, Vingroup suddenly announced the suspension of the Vinpearl Air project, withdrawing from the air transport business, in order to focus maximum resources on strategic goals of technology and industry.
The decision was made less than half a year after the group announced its first steps and just 7 months before Vinpearl Air took off, according to the previously announced plan.
Since 2009, Vingroup has opened and closed many projects: VinDS (a system of clothing and footwear stores in Vincom shopping malls), Vinlink, VinExpress (logistics), Emigo (VinFashion fashion company)…
Source: Vietnam Insider