Vingroup JSC is shuttering its electronics devices unit VinSmart just months after exporting smartphones to the United States as it ramps up production of electric vehicles.
The closure of VinSmart is to “mobilise all resources” for developing of VinFast – Vingroup’s carmaker unit, according to a statement on Sunday.
“This is a strategic step towards the aim of making VinFast one of the world’s leading firms in electric and smart vehicles,” Vingroup said.
The move comes as Vingroup weighs a US initial public offering for its VinFast auto unit that could raise about $2 billion. Vingroup has also said it is considering…
