Vingroup to Close VinSmart Electronics Unit to Focus on EVs
- VinFast auto unit plans to sell EVs to U.S., Canada and Europe
- VinFast is weighing a U.S. IPO or SPAC to raise funds
The VinSmart factory, operated by Vingroup JSC, at Hoa Lac Hi-Tech Park in Hanoi.
Photographer: Yen Duong/BloombergThis article is for subscribers only.
Vingroup JSC is shuttering its electronics devices unit VinSmart just months after exporting smartphones to the U.S. as it ramps up production of electric vehicles.
The closure of VinSmart is to “mobilize all resources” for developing of VinFast - Vingroup’s carmaker unit, according to a statement Sunday.