Vingroup shuts down smartphone, TV manufacturing

Its VinSmart unit, established nearly three years ago, will start making "infotainment" features for VinFast cars to make them more competitive in the global market, Vingroup said in a statement Sunday.

VinSmart will also research, design and manufacture electric engines, electronic parts and batteries for electric vehicles to increase the localization ratio of its products.

The unit will also push research on devices for smart cities and smart homes.

"The production of smartphones or smart TVs no longer brings breakthroughs and creates unique values for users," said Nguyen Viet Quang, vice president and CEO of Vingroup.

But developing smart cars, smart homes and smart cities will bring many "outstanding" benefits to humanity, therefore, the company wants to devote all its resources towards doing this, he added.

VinSmart will continue to produce TVs and smartphones to complete the products’ lifecycle.

Later, a part of VinSmart facility will be used to manufacture products for partners and the remaining part will be expanded to make its own new products.

Since its establishment in June 2018, VinSmart has introduced 19 smartphone models and five TV models to the market.