Vingroup sets up drug company

Its focus will be on medicine, vaccines.

Vingroup owns 69 percent of Vinbiocare Biotechnology JSC, its formal name, which is headquartered in Hanoi, while Phan Quoc Viet, CEO of tech firm Viet A Technology Corporation, owns 30 percent. The remaining 1 percent is held by an individual investor, Phan Thu Huong.

Mai Phuong Noi, deputy CEO of Vingroup, is its chairwoman.

Vingroup entered the pharmaceutical industry in 2018 by establishing Vinfa JSC and setting up a plant in Gia Binh District in the northern Bac Ninh Province.