How does Vinsmart do business before stopping production of phones and TVs?

After nearly 3 years of launch, VinSmart has become the third largest smartphone supplier in the domestic market with 12.7% market share.
Recently, Vingroup officially announced VinSmart will stop researching and producing TVs and mobile phones in order to focus entirely on VinFast.

Established in June 2018, VinSmart is one of the two main companies operating in the Vingroup’s manufacturing division, along with car and electric car manufacturer VinFast. This manufacturing company owns a telephone and electronic equipment factory with an annual design capacity of up to 125 million devices. VinSmart smart electronics factory in Hoa Lac Hi-Tech Park. Photo: Vingroup In Hoa Lac Hi-Tech Park (Hanoi), the complex factory of VinSmart has a total area of ​​up to 15ha, of which, construction area of ​​phase 1 is only 4.8 ha. At the factory in the first phase inaugurated in November 2019, the production area reached 4.5 hectares, including the electronic circuit board manufacturing subdivisions, phone manufacturing and independent research institutes. designed capacity of 26 million devices / year. Half a year after its inception, the company launched its first four smartphone lines. After two and a half years, the total number of VinSmart phone models has increased to 18 lines, of which the first product appeared in the high-end segment, and successfully produced terminals supporting 5G technology. . In 2020 alone, VinSmart said it sold 1.95 million smart phones to the market, an increase of 225% compared to 2019 sales (600,000 units). With record high phone sales, VinSmart also became the 3rd largest smartphone supplier in the domestic market with 12.7% market share. This is the first time a Vietnamese phone brand is in the top manufacturers and consumers in the market. As of early 2021, VinSmart’s distribution network of mobile phones has expanded with 10,000 retail agents, 4 customer care centers and 101 warranty points. Notably, not only consuming phones in the country, last year, VinSmart also recognized for the first time revenue from processing and manufacturing original equipment for foreign partners. VinSmart said that last year it signed a contract and started exporting smartphones to US carriers and foreign customers, with a production of 1.3 million units. In addition, the manufacturer also expanded its product portfolio to other electronic devices such as electronic components, air purifiers … In 2020, VinSmart also became a partner in manufacturing air blower components. supplied to Medtronic PLC’s series of ventilators, exported to USA and Ireland. Not only that, VinSmart is also in charge of building technology ecosystems for its real estate projects with three core products including Smart city (smart city), Smart home (smart home) and Smart. services (number services).