Vsmart's headquarters in Hà Nội. — Photo cafebiz.vn
HÀ NỘI — VinGroup is to halt the production of TVs and smartphones to focus on the development of its Internet-of-Things and Infotainment for VinFast cars, according to a press release by the country's largest conglomerate yesterday.
"Production of smartphones and smart TVs (Vsmart) is no longer able to deliver breakthroughs and added-value for consumers. We have decided to instead invest in the development of smart vehicles, smart home and smart city solutions, areas in which we are confident we can deliver excellent customer experience and value," said Nguyễn Việt Quang vice-president and VinGroup's CEO.
Vsmart's factories, however, will continue their production on current models of smartphones and TVs until their life cycle is completed before going through reconfiguration.
Owners of VinGroup's smartphones and TVs are still entitled to the same after-sales services and warranty, the group also promised to continue its software support for their products.
The group is set to shore up its capacity in the production of electronics, battery cells and electric engines. Vinhomes Smart City and Vinhomes Ocean Park are among the latest of the group's ventures into smart home solutions.
Announced in June 2018, VinSmart has since sold 19 smartphone and five TV models. The brand has made headlines by breaking into the top three of the most popular phones in Việt Nam with a market share of 16.7 per cent, which is mostly made up of affordable models, as reported in April 2020. There have been signs of slowdown by the end of 2020 as the group only announced one new model since. — VNS