Vingroup completes purchase of Vien Thong A

Vingroup's acquisition will take them further to create a distribution network for Vsmart phones

Property and retail conglomerate Vingroup completed the purchase of mobile retail chain Vien Thong A, according to Cafebiz.

Previously, Vien Thong A also released information that from October 14 it appointed Mai Thu Thuy as new director cum legal representative, replacing Huynh Viet Thuong.

Mai Thu Thuy had held numerous important positions in Vingroup, including the chairwoman of the Board of Directors of Vincom Mega Mall Royal City One Member Company Limited and a member of the board of directors of Vincom Retail JSC, among others. Beside, Thuy is a large shareholder of Vingroup and is a sister of Mai Huong Noi, the group’s deputy general director.

Furthermore, Thuy is currently the chairwoman of Vietnam Investments Group, LLC, a member of Vingroup, and holds over 1 billion shares in Vingroup, equaling 33.37 per cent of the charter capital.

According to statistics published by Retail Asia Publishing and Euromonitor, Vien Thong A currently operates 310 stores and warranty centres.

In July, VinSmart, a member of Vingroup JSC, and leading Spanish technology firm BQ signed a strategic partnership agreement to promote the production of smartphones branded Vsmart in accordance with international standards.

Under the agreement, BQ will sell intellectual property rights to VinSmart in order to develop two Vsmart-branded smartphone products for the high-end and mid-range markets.

This is an important step for VinSmart to soon launch Vietnamese-branded smartphones with future-oriented design and European-standard technology.

In addition, VinSmart will exploit BQ’s strengths in almost all aspects of the value chain of producing smart electronics from design, research and development to production.

VinSmart will also work closely with BQ on product research and development to apply the world’s most advanced technologies to the smart electronics manufacturing.