Vingroup to establish VinES and VinAI to invest in batteries, accumulators, and AI

August 12, 2021 | 20:28
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Vingroup (HSX: VIC), Vietnam’s largest conglomerate, has just established two subsidiaries, VinES Energy Solutions JSC (VinES) and VinAI - Artificial Intelligence Research JSC (VinAI), in a bid to diversify the group’s high-tech investment.
Vingroup to establish VinES and VinAI to invest in batteries, accumulators, and AI
Vingroup doubles down on high-tech investment, from AI to batteries for its VinFast electric cars

VinAI Research describes itself as “the first AI research lab in Vietnam with a focus on fundamental research”. it will have headquarters in Hanoi and Ho Chi Minh City and a network spanning across the US, Australia, France, and the Asia-Pacific.

“Funded by Vingroup, the largest enterprise in Vietnam by capitalisation, our mission is to conduct high-impact, leading research that pushes the knowledge frontier in AI and to accelerate applications of AI in Vietnam, the Asia-Pacific region, and beyond,” VinAI noted.

"With the aim of becoming a Vietnamese AI champion, VinAI will provide AI solutions in areas including computer vision, natural language processing, speech recognition, and machine learning. Prioritising speed and commitment in solving our client’s problems, we focus on areas in which we have an outstanding technological advantage. Our solutions aim to meet a global need and to be applied in many different industries," the company added.

Nguyen Mai Hoa, general director of Vinpearl JSC – Vingroup’s hospitality subsidiary – was appointed as chairwoman of VinAI.

Meanwhile, VinES will specialise in manufacturing batteries and accumulators to support VinFast’s electric vehicle business, which aims to shift consumers away from petrol vehicles.

VinFast's sales reached nearly 16,000 units in the first half of this year. The company had initially targeted to sell 56,000 EVs next year but the company finds the target difficult to reach due to the global semiconductor shortage.

Three major shareholders contributed VND1 trillion ($43.5 million) to VinES as charter capital, including Vingroup (51 per cent), Vingroup chairman Pham Nhat Vuong (48.5 per cent), and his wife Pham Thu Huong (0.5 per cent).

Mai Huong Noi (1969) will be the chairwoman of VinES. Noi is currently deputy general director of Vingroup, chairwoman of Vinpearl JSC, and chairwoman of VinSmart.

By Tri Lam

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