Vingroup’s new smartphones target global market

The four new Vsmart phones, manufactured at the group’s VinSmart factory in Vietnam’s northern city of Hai Phong, are priced from 2.49 million ($107.18) to 6.29 million ($270.76) in the introductory phase.

The prices will later increase to VND2.59-6.59 million ($111.49-283.67).

Tran Minh Trung, CEO of VinSmart, said at the launching event that his company wants to branch out to markets outside of Vietnam.

"We will not stop at the Vietnam market. We will bring out products to the world with five business departments in five continents. A sixth department will be in charge of e-commerce. We are capable of competing and we want to be accepted in both local and international markets," he said.

Vsmart VND2.49-million Joy 1 has a 13-megapixel camera. Photo by VnExpress/Huy Duc

VinSmart acquired the intellectual property rights for the four phones from Spanish technology firm BQ, in which VinSmart owns a 51 percent stake.

VinSmart is set to be a new competitor in the Vietnam market of 95 million people, currently dominated by Samsung and Apple phones.

Vietnam is the largest smartphone production base for Samsung, while key Apple supplier Foxconn is also considering setting up a factory in the country.

The launching of the phones has happened at rapid speed, just six months after Vingroup established the VinSmart company in June to produce smartphones and other smart electronic devices with a registered capital of VND3 trillion ($131.54 million).

Vingroup, once a real estate and retail focused conglomerate, also became the country’s first full-fledged domestic car maker in October, introducing three new car models.

VinSmart factory is capable of making five million phones a year in its first phase of operations, the company has said.

It has also said that the factory will produce smart TVs and other smart products in the future. VinSmart also signed a multimode global patent license deal on Friday with chip producer Qualcomm.