Vingroup reports $25 mln revenue from vehicle, smartphone sales

VinFast, a Vingroup subsidiary, became the country’s first indigenous car manufacturer last October and showed off its first two car models at the Paris Motor Show in France. It has begun to accept bookings and deposits for the cars, and will start selling them next August.

Last November it launched its first two electric scooters, but has not disclosed sales figures.

VinSmart, the Vingroup unit that produces smart electronic devices, launched four new phones in December in a market of 95 million people currently dominated by Samsung and Apple.

Its factory in the northern city of Hai Phong is capable of making five million phones a year in the first phase.

The company also hopes to expand to markets outside Vietnam, and will make smart TVs and other smart products soon.

Vingroup is a conglomerate with the country’s largest real estate operations and interests in retail, healthcare and resorts.

The conglomerate reported profit before tax of over VND13.8 trillion ($592.6 million) last year, up 52 percent from 2017, on net revenues of VND122.57 trillion ($5.24 billion).