Vingroup

What Vingroup does

Vingroup Joint Stock Company (Vingroup JSC) is Vietnam's largest private conglomerate, operating across six business pillars: Industrials & Technology, Real Estate & Services, Infrastructure, Green Energy, Culture, and Social Enterprises. Founded in 1993 as Technocom Group in Ukraine by Pham Nhat Vuong, the company returned to Vietnam in 2000 and was formally constituted as Vingroup in January 2012 through the merger of Vincom and Vinpearl. Headquartered in Hanoi and listed on the Ho Chi Minh Stock Exchange (HOSE:VIC), Vingroup reported consolidated 2025 revenue of $12.8 billion and a stock price surge of approximately 1,000% from the start of 2025, making it the largest company in frontier markets. The group comprises more than 16 subsidiaries, with the most strategically significant being VinFast (electric vehicles), Vinhomes (residential real estate), Vinpearl (hospitality), Green SM (electric ride-hailing), V-Green (EV charging), VinRobotics/VinDynamics (humanoid robotics), VinEnergo (renewable energy), VinSpeed (railway infrastructure), VinBus (electric public transit), Vinmec (healthcare), and VinUni (university).

Vingroup's business model relies on cross-subsidization within a vertically integrated ecosystem: Vinhomes real estate cash flows fund VinFast's heavy capital deployment; Green SM uses only VinFast vehicles for its ride-hailing fleet operating across Vietnam, Indonesia, Laos, Philippines, India, and Kazakhstan; V-Green provides charging infrastructure for both retail and fleet customers; and VinEnergo supplies energy solutions. VinFast delivered 196,919 electric vehicles in 2025 (up 102% year-over-year) but posted negative earnings of $3.9 billion with cumulative losses of $14.5 billion, while Vinhomes alone delivered Q1 2026 net income of 25.6 trillion dong (~10x prior year). The group is pursuing aggressive geographic expansion (Green SM India launch June 2026, Kazakhstan launch, VinFast India targets 75 dealerships by year-end 2026) alongside deep vertical expansion into humanoid robotics (VR-H3 with Schaeffler and Infineon partnerships), aerospace (VinSpace targeting first satellite by 2027), high-speed rail (VinSpeed's $5.6 billion Hanoi-Quang Ninh project with Siemens Mobility), and energy (VinEnergo's 1,600 MW Hai Phong LNG plant with GE Vernova).

Name

Vingroup

Legal name

Vingroup Joint Stock Company (Vingroup JSC)

Website

https://vingroup.net

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Vingroup Joint Stock Company is Vietnam's largest private conglomerate, operating a vertically integrated ecosystem spanning electric vehicles (VinFast), real estate (Vinhomes), hospitality (Vinpearl), electric ride-hailing (Green SM), EV charging (V-Green), humanoid robotics, infrastructure, and green energy across multiple Asian markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Electric Vehicle Sales (VinFast): VinFast sells electric vehicles including VF 6, VF 7, VF 8, VF MPV 7, VF 3, and Limo Green models. Despite revenue doubling to $3.6 billion in 2025, posted negative earnings of $3.9 billion with cumulative losses of $14.5 billion.
2. Real Estate Development (Vinhomes): Vinhomes, Vingroup's property arm, posted net income of 25.6 trillion dong in Q1, roughly ten times higher than a year earlier. Real estate remains a core revenue driver offsetting VinFast losses.
3. Electric Ride-hailing (Green SM/GSM): Green & Smart Mobility JSC (GSM) operates all-electric taxi service exclusively using VinFast EVs across Vietnam, Indonesia, Laos, Philippines, and India. GSM is 95% owned by Pham Nhat Vuong and valued at approximately $20 billion for planned 2028 IPO.
4. Hospitality (Vinpearl): Vinpearl hospitality unit seeking $300 million private debt loan for refinancing structured as convertible preferred shares. Vinpearl operates hotels, resorts, spas, golf courses, and entertainment venues across Vietnam.
5. EV Charging Infrastructure (V-Green): V-Green is expanding EV charging infrastructure globally, having partnered with Hindustan Petroleum Corporation Limited to deploy chargers across HPCL's nationwide network in India. Also signed MOUs for charging development in Philippines.
6. Infrastructure Development (VinSpeed): VinSpeed subsidiary developing Hanoi-Quang Ninh high-speed railway project with investment exceeding VND 147 trillion (USD 5.6 billion), 120.2 km double-track standard-gauge line with Siemens Mobility supplying trains and signaling systems.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Vingroup is a Vietnamese conglomerate operating across six business pillars: Technology & Industry (VinFast electric vehicles, VinRobotics humanoid robots, V-Green EV charging, VinCSS cybersecurity), Real Estate & Services (Vinhomes residential, Vincom retail malls, Vinpearl hospitality), Infrastructure (VinSpeed rail), Green Energy (VinEnergo renewables), Culture (V-Film), and Social Enterprises (Vinmec healthcare, VinSchool, VinUni). The flagship technology brand is VinFast, which produces EVs sold across Vietnam, India, Indonesia, the Philippines, and other markets.

Product overview

Vingroup is a diversified Vietnamese conglomerate operating across six core business pillars: Technology & Industrials (VinFast electric vehicles, VinRobotics/VinDynamics humanoid robots, VinCSS cybersecurity, V-Green EV charging, VinMotion AI robotics, VinSpace aerospace), Real Estate & Services (Vinhomes residential, Vincom retail malls, Vinpearl hospitality), Infrastructure (VinSpeed rail development), Green Energy (VinEnergo renewable energy), Culture (V-Film entertainment), and Social Enterprises (Vinschool education, Vinmec healthcare, VinUni university, VinFuture innovation fund, Quỹ Vì Tương Lai Xanh environmental foundation). The portfolio operates as independent business units under the Vingroup umbrella, unified by shared resources across manufacturing, technology, and brand. VinFast serves as the flagship technology brand targeting global EV markets, supported by V-Green's charging infrastructure and Green SM's ride-hailing ecosystem. Real estate (Vinhomes) and hospitality (Vinpearl) provide recurring revenue streams that fund technology investments.

Differentiator

Problem solved

Functional benefit

Brands

• VinFast: Vietnamese electric vehicle brand aiming to become a global smart electric vehicle company
• Vinhomes
• Vinpearl
• Vincom
• VinBus
• VinRobotics
• VinDynamics
• VinCSS
• V-Green
• VinSpeed
• VinEnergo
• Vinmec
• VinSchool
• VinUni
• VinFuture
• V-Film

Products and services

• VinFast Electric Vehicles Vietnamese smart electric vehicle brand offering multiple EV models (VF 6, VF 7, VF 8, VF MPV 7, VF 3, Limo Green) targeting global consumers and fleet operators.
• Vinhomes Residential Real Estate Premium residential real estate developer offering apartments, villas, and townhouses with luxury services, including integrated urban townships like Vinhomes Green Paradise Can Gio with international hospitality brands.
• Vinpearl Hospitality and Resorts Vietnam's largest tourism, resort, entertainment, and hospitality brand operating 5-star hotels, resorts, spas, conference centers, fine dining restaurants, golf courses, and entertainment complexes at Vietnam's premier tourist destinations.
• Vincom Retail Real Estate Leading Vietnamese retail real estate brand operating shopping centers through four product lines: Vincom Center, Vincom Mega Mall, Vincom Plaza, and Vincom+ across Vietnam.
• VinBus Public Electric Bus Service Non-profit public passenger transportation service established in 2019, operating electric bus services across Vietnamese cities.
• VinSpeed Railway Infrastructure Railway infrastructure development company building the Hanoi-Quang Ninh high-speed railway (120.2 km, $5.6 billion investment) with Siemens Mobility technology for trains and signaling systems, targeting completion by end of 2028.
• VinEnergo Renewable Energy Solutions Sustainable energy solutions provider focusing on five areas: renewable energy, carbon credits, resource optimization, energy storage technology, and hydrogen/ammonia green energy. Developing the 1,600 MW Hai Phong LNG power plant with GE Vernova and solar-on-water projects in the Philippines.
• VinRobotics Humanoid Robots and Automation Provider of intelligent humanoid robots and automation solutions for industrial and service applications. Unveiled VR-H3 third-generation humanoid robot at IEEE ICRA 2026 in Vienna and COMPUTEX Taipei 2026, with 31+ actuators and dual onboard edge computers.
• VinDynamics Humanoid Robotics Technology Humanoid robotics technology company focused on mastering advanced technical solutions for intelligent robot generations, including actuator systems and motors through partnerships with Schaeffler and Infineon.
• VinCSS Cybersecurity Services Cybersecurity services company with mission to pioneer a better digital environment.
• V-Green EV Charging Infrastructure EV public charging infrastructure company with mission to become the world's largest public charging infrastructure provider. Free charging extended until March 31, 2029 for EV owners in India, Indonesia, and Philippines.
• VinMotion Physical AI Robotics Physical AI humanoid robot developer pioneering intelligent robot technology with leading core technologies.
• VinSpace Aerospace Satellite Development Aerospace subsidiary founded in November 2025 with VND300 billion ($12 million) charter capital, aiming to develop and launch its first small satellite by 2027 as part of Vingroup's transition toward high technology.
• Green SM Electric Ride-Hailing Service All-electric ride-hailing service operating across Vietnam, Indonesia, Philippines, Laos, Kazakhstan, and India using VinFast electric vehicles exclusively. Over 50% market share in Vietnam with company-owned fleet model and salaried drivers.
• Vinmec Healthcare Services Non-profit healthcare system invested by Vingroup with vision to become an internationally recognized academic healthcare system through breakthrough research and treatment quality.
• Vinschool Education Services Non-profit education system from kindergarten to high school oriented toward building a Vietnamese school with international standards.
• VinUni Private University Elite, private, non-profit university founded by Vingroup with aspiration to train talents for the future and contribute a world-class university to Vietnam.
• VinFuture Innovation Prize Foundation Independent, non-profit foundation in Vietnam supporting science and technology innovation.
• V-Film Entertainment Production Film brand operating in production, distribution, and exhibition of films across all platforms from cinemas to television to OTT streaming services.

Quantifiable outcome

• VinFast Vietnam automotive market share increased from 22% to 36%
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Urban VaultminorChannel Partner/ Reseller/ Distributor · 10 June 2026Urban Vault sub-leased 16,000 sq ft of managed office space in Gurugram to Green SM, marking Green SM's first office in India. The workspace on Golf Course Road, Sector 54 offers around 500 seats as part of Green SM's expansion into Indian market.
• Infineon TechnologiescoreStrategic or Co-development Partner · 9 June 2026Infineon Technologies signed MoU with VinRobotics on June 9, 2026 to explore collaboration on next-generation robotics applications, with plans to establish a co-development competency center for power electronics and control solutions for industrial and service robots.
• V-Green Philippines Charging PartnershipsminorStrategic or Co-development Partner · 20 May 2026V-Green signed two MOUs to develop EV charging and battery swapping infrastructure in the Philippines, specifically in Bataan and Cavite, including province-wide network development in Bataan and EV charging stations at fuel stations in Cavite.
• Marriott InternationalcoreStrategic or Co-development Partner · 11 May 2026Cangio Tourist City Corporation, developer of Vinhomes Green Paradise, and Marriott International signed strategic partnership to introduce The Ritz-Carlton and Marriott Hotel brands to Can Gio development near Ho Chi Minh City, approximately 700 rooms combined, targeted to open Q4 2027.
• IHG Hotels & ResortscoreStrategic or Co-development Partner · 11 May 2026IHG Hotels & Resorts partnered with Vinhomes Green Paradise Can Gio to develop four hotels with more than 1,000 rooms including InterContinental Saigon Can Gio (400 rooms), Crowne Plaza Saigon Can Gio (400 rooms), Holiday Inn Express Saigon Can Gio (130 rooms), and Garner Hotel Saigon Can Gio (130 rooms).
• SchaefflercoreStrategic or Co-development Partner · 21 April 2026VinDynamics signed MoU with Germany's Schaeffler on April 21, 2026 to collaborate on research, development, and optimization of actuator systems and motors for humanoid robots. Schaeffler will provide prototype actuators for evaluation while VinDynamics conducts technical assessments and optimizes control software.
• VinSpeed Railway Project PartnerscoreTechnology or Integration · 21 April 2026VinSpeed developing Hanoi-Quang Ninh high-speed railway with technology transfer roadmap during operations, targeting completion by end of 2028 with 120.2 km double-track standard-gauge line.
• Siemens MobilitycoreStrategic or Co-development Partner · 13 April 2026Siemens Mobility will supply next-generation trains and signaling systems with technology transfer roadmap to VinSpeed during operations for Hanoi-Quang Ninh high-speed railway project.
• Hindustan Petroleum Corporation Limited (HPCL)coreStrategic or Co-development Partner · 25 March 2026V-Green partnered with Hindustan Petroleum Corporation Limited to deploy EV chargers across HPCL's fuel station network nationwide in India, supporting VinFast EV owners and Green SM taxi operations.
• Renewable Energy Partners for V-GreenminorStrategic or Co-development Partner · 18 March 2026V-Green committed $400 million investment to deploy 99 ultra-fast charging hubs along highways across 34 localities in Vietnam, each with up to 100 charging points at 150kW capacity powered entirely by clean energy from wind and solar.
• GE VernovacoreStrategic or Co-development Partner · 11 March 2026VinEnergo Energy Joint Stock Company, a subsidiary of Vingroup, and GE Vernova signed technology selection agreement for Hai Phong LNG power plant project, with GE Vernova supplying two 9HA.02 gas turbines and two H78 generators with combined capacity of 1,600 MW.

Scale indicators22 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• BYD: BYD is the closest direct peer to VinFast — a globally scaling Chinese EV manufacturer targeting mass-market EVs across emerging markets (India, Southeast Asia, Latin America, Europe) with a vertically integrated battery and vehicle stack.
• Tata Motors: Tata Motors is the Indian EV market leader and conglomerate subsidiary (Tata Group) with EVs sold across India — the most direct competitor to VinFast's India expansion strategy (50+ showrooms, Tamil Nadu manufacturing).
• Mahindra & Mahindra: Mahindra is a diversified Indian conglomerate scaling its own EV portfolio (XUV400, BE series) and competing head-to-head with VinFast in India's passenger EV market.
• Nio: Nio is a Chinese premium EV maker expanding into Europe and is structurally comparable to VinFast as a globally ambitious EV startup with significant losses, ongoing capital needs, and a focus on battery-swap / charging infrastructure.
• Li Auto: Li Auto is a Chinese EV startup targeting family / larger SUVs (similar positioning to VinFast's VF 8 / VF 9 SUV focus) with comparable international expansion ambitions and ongoing profitability scrutiny.

Broad incumbents

• Tesla: Tesla is the global EV incumbent and category-defining player; VinFast competes with Tesla in the US/Europe EV segments and benchmarks against its vertically integrated manufacturing + energy + autonomy model.
• Reliance Industries: Reliance is India's largest private conglomerate with diversified interests spanning retail, telecom (Jio), digital services, and new energy — comparable to Vingroup's conglomerate structure spanning VinFast, Vinhomes, Vinpearl, V-Green, and VinRobotics.
• Hyundai Motor Group: Hyundai is a Korean auto incumbent aggressively expanding EVs globally with proprietary platforms, manufacturing scale, and humanoid robotics investments (acquisition of Boston Dynamics) — comparable to VinFast's EV + robotics strategy.
• Geely Auto: Geely is a Chinese OEM conglomerate with multiple EV brands (Zeekr, Polestar, Lynk & Co) and global ambitions, comparable to VinFast's portfolio approach within Vingroup.
• Samsung Group: Samsung is a Korean chaebol spanning consumer electronics, semiconductors, construction, and finance — a diversified conglomerate comparable to Vingroup's six-pillar model, though at vastly larger scale and global maturity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/vingroupvietnam

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries17 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vingroup