Vingroup to stop production of smartphones and TVs
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 on May 9.
Hanoi (VNS/VNA) - Vingroup is to halt the production of TVs and smartphones tofocus on the development of its Internet-of-Things and Infotainment for VinFastcars, according to a press release by the country's largest conglomerate on May9.
"Productionof smartphones and smart TVs is no longer able to deliver breakthroughs andadded-value for consumers. We have decided to instead invest in the developmentof smart vehicles, smart home and smart city solutions, areas in which we areconfident we can deliver excellent customer experience and value," said Vingroup’sVice President and CEO Nguyen Viet Quang.
VinSmart'sfactories, however, will continue their production on current models ofsmartphones and TVs until their life cycle is completed before going throughreconfiguration.
Ownersof Vingroup's smartphones and TVs are still entitled to the same after-salesservices and warranty, the group also promised to continue its software supportfor their products.
Thegroup is set to shore up its capacity in the production of electronics, batterycells and electric engines. Vinhomes Smart City and Vinhomes Ocean Parkare among the latest of the group's ventures into smart home solutions.
Announcedin June 2018, VinSmart has since sold 19 smartphone and five TV models. Thebrand has made headlines by breaking into the top three of the most popularphones in Vietnam with a market share of 16.7 percent, which is mostly made upof affordable models, as reported in April 2020. There have been signs ofslowdown by the end of 2020 as the group only announced one new model since./.
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Illustrative image (Photo: VinSmart) 
