The industrial conglomerate Vingroup is engaged in different types of activities, but it entered the smartphone market under the VinSmart brand only in 2018, and a year later it started producing TVs. In the home market, the VinSmart share did not exceed 10%, and it was decided to stop the production of smartphones and TVs in order to switch to electric cars and other promising devices.

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This is reported by the Nikkei Asian Review, stressing that Vingroup has not yet announced a timeline for a complete cessation of the production of smartphones and TVs. Warranty obligations for products already sold will be retained in full. The production capacity of the company made it possible to produce up to 125 million devices annually, VinSmart smartphones were also exported, including Russia. The range of TVs was limited to five models, this type of product did not have time to get widespread.

Vingroup’s current focus is on the development of the VinFast car division. The brand’s first electric car should debut in November. At the end of last year, 30 thousand cars were sold in Vietnam. With regard to the electric vehicle segment, VinFast is making plans to enter the American market and build a local enterprise. Vingroup’s net profit last year fell 42% to $ 195 million, supported by the real estate market, but the smartphone and TV business fell short of expectations. It is assumed that in the segment of electric vehicles, VinFast partners will be Siemens and Foxconn.