Vingroup keeps pouring trillions of dollars in technology

November 26, 2018 | 08:32

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Vingroup continues to show steady growth by injecting trillions of dollars into technology, industry, and network security companies.

On November 23, the management board of the Hoa Lac Hi-Tech Park and Vingroup signed a strategic co-operation agreement on the construction and development of Hoa Lac Hi-Tech Park.

Nguyen Viet Quang, Vingroup’s vice president and CEO, said that the signing aims to actualise the aspiration to become a multi-sector corporation in the next 10 years with three main business sectors, including technology, industry, and trade-service, in which technology plays the main role, according to vnexpress.net.

The first project to be implemented is the smart electronics factory which has a total investment of nearly VND1.2 trillion ($52.17 million) and will be implemented soon after being granted the investment decision. It is expected to come into operation in the second quarter of 2019.

The factory is built on an area of 5 hectares and is expected to produce three or four million smart electronics products per year, both for the domestic market and exports.

Minister of Science and Technology Chu Ngoc Anh at the signing ceremony shared his belief that the group will soon be able to launch its “Made in Vietnam” high-tech products, contributing to the country's science and technology foundation. In addition, Hoa Lac Hi-Tech Park management board is completing the infrastructure, creating the best investment conditions, and a legal corridor for enterprises to invest and develop Hoa Lac Hi-Tech Park into a smart technology city.

Previously, Vingroup published on November 20 on its website Resolution No.51/2018/NQ-HĐQT-VINGROUP about establishing four subsidiaries.

Subsidiary	Charter capital	Per cent owned by Vingroup	Main business line	Address
VINCSS Network Security Services Co., Ltd.	VND 20 billion ($869,565)	100	researching and developing network security	7 Bang Lang street, Vinhome Riverside, Viet Hung ward, Long Bien district, Hanoi
VinConnect Technology Solutions and Services Co., Ltd.	VND300 billion ($13.04 million)	100	information technology services	7 Bang Lang street, Vinhome Riverside, Viet Hung ward, Long Bien district, Hanoi
HMS Software Manufacturing and Trading Co., Ltd.	VND50 billion ($2.1 million)	100	software production	20A floor, 72 Le Thanh Ton, Ben Nge ward, District 1, Ho Chi Minh City
Phuc An Investment and Tourism Development JSC	VND20 billion ($869,565)	85	real estate and accommodation services	7 Bang Lang street, Vinhome Riverside, Viet Hung ward, Long Bien district, Hanoi

Along with this, Quang shared with vnexpress.net that after studying the US silicon valley model, Vingroup decided to set up VinTech Technology Development JSC called VinTech City in Dong Anh (Hanoi) with the area of 70ha.

Previously in September, VinTech Technology Development JSC signed an MoU with the University of Technology Sydney (UST) on comprehensive collaboration in data analysis, artificial intelligence (AI), robotics, electronics design, mechatronics, automation, Industry 4.0, and Internet of Things (IoT).

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