Vingroup

Vingroup Joint Stock Company (Vietnamese: Tập đoàn Vingroup) is the largest private conglomerate in Vietnam, founded in 1993 by Pham Nhat Vuong, the country's richest person.^[2][3] It began as Technocom, an instant noodle maker in Ukraine, returned to Vietnam in the early 2000s to build the Vinhomes real estate empire, and today spans residential property, retail, hospitality, electric vehicles (VinFast), healthcare, education, and a fast-growing technology arm covering artificial intelligence and humanoid robotics.^[1][2] On the AI side, Vingroup has spun up VinAI (AI research), VinBigData (Vietnamese language models and medical imaging), VinMotion (humanoid robots), and VinBrain (medical AI), the last of which was acquired by Nvidia in December 2024.^[11][23]

Vingroup trades on the Ho Chi Minh City Stock Exchange under the ticker VIC, while its automotive subsidiary VinFast trades on NASDAQ under the ticker VFS following an August 2023 merger with Black Spade Acquisition Co.^[4][8] Pham Nhat Vuong's wealth, almost all of it tied to Vingroup and VinFast equity, was estimated by Forbes at about $34 billion in 2026, placing him among the global top 100 richest individuals.^[3][24]

ELI5 (explain like I'm 5)

Imagine one company in Vietnam that builds apartment towers, shopping malls, beach resorts, hospitals, schools, electric cars, and even walking robots. That is Vingroup. A man named Pham Nhat Vuong started it by selling instant noodles in another country, then brought the money home and kept building bigger and bigger things. The newest things Vingroup builds are computer brains (AI) and robots that can walk and carry boxes in its car factories.

Infobox

Scroll sideways for more →

What is Vingroup?

Vingroup is Vietnam's largest private-sector company by market value and the country's most diversified conglomerate.^[2] Its listed parent (HOSE: VIC) is one of the largest stocks on the Vietnamese exchange, and several of its subsidiaries (Vinhomes, Vincom Retail, Vinpearl, and VinFast) are themselves separately listed.^[1] Vingroup organizes its operations into three broad pillars: Technology and Industry (VinFast, VinAI, VinBigData, VinBrain, VinMotion, VinRobotics), Trade and Services (Vinhomes real estate, Vincom Retail malls, Vinpearl resorts, GSM electric taxis), and Social Enterprises (Vinmec healthcare, Vinschool, VinUniversity).^[1][2]

The brand prefix "Vin" runs across nearly every subsidiary, signaling a single integrated ecosystem in which the group's customers can live in a Vinhomes apartment, shop at a Vincom mall, drive a VinFast electric car, ride a GSM electric taxi, study at Vinschool or VinUniversity, and be treated at a Vinmec hospital.

Who founded Vingroup?

Pham Nhat Vuong (Phạm Nhật Vượng), born August 5, 1968 in Hanoi, is the founder, chairman, and largest shareholder of Vingroup.^[3] He grew up in modest circumstances in northern Vietnam, won a place at the Moscow Geological Prospecting Institute in 1987, and graduated in 1993. After settling in Kharkiv, Ukraine, he started a Vietnamese restaurant before founding Technocom and the Mivina instant noodle business.^[3] He returned to Vietnam in the early 2000s, sold Technocom to Nestlé in 2010, and used the proceeds to scale up Vincom and Vinpearl, the two companies that merged to form Vingroup in 2012.^[2][3]

Vuong is consistently ranked the richest person in Vietnam and, as of 2026, the wealthiest individual in Southeast Asia.^[24] Forbes estimated his net worth at roughly $34 billion in April 2026, ranking him around 100th in the world; because the bulk of his wealth is Vingroup and VinFast equity, it tracks the share prices of those two listed entities closely.^[3][24] In 2021 Vuong took over as CEO of VinFast, putting his personal capital and reputation behind the EV bet, and through 2024 and 2025 he made a series of personal financial commitments to the carmaker, including a December 2024 pledge of 50 trillion dong (about $2.1 billion) in personal sponsorship.^[13][14]

History

How did Vingroup start? Technocom in Ukraine (1993 to 2010)

The company that became Vingroup began on August 8, 1993, when Pham Nhat Vuong founded Technocom in Kharkiv, Ukraine.^[3] Vuong, who had moved to the Soviet Union in 1987 to study geological engineering at the Moscow Geological Prospecting Institute, settled in Ukraine after graduating in 1993. He started a Vietnamese restaurant before turning to packaged food manufacturing. Technocom produced dehydrated foods, with its instant noodle brand Mivina becoming the dominant player in the Ukrainian market.^[3] By the late 1990s, Mivina had expanded into other dried foods and became a household name across post-Soviet markets.

In 2010, Vuong sold Technocom to Nestlé for a price reported at around $150 million.^[3] The sale gave him the capital to redirect his businesses toward Vietnam, where he had been quietly building real estate and hospitality projects since the early 2000s.

Return to Vietnam: Vinpearl and Vincom (2000 to 2011)

Vuong began investing in Vietnam around 2000. In 2001 he opened the first Vinpearl resort on Hon Tre Island near Nha Trang, marking the start of the group's hospitality arm. The following year he founded Vincom Joint Stock Company to develop commercial real estate, with Vincom Center Ba Trieu in Hanoi opening in 2004 as the first integrated trade complex in the country.^[2] Vincom expanded across Vietnam's major cities, while Vinpearl grew its resort and theme park footprint, including the Vinpearl Cable Car between Nha Trang and Hon Tre Island.

Vincom listed on the Ho Chi Minh City Stock Exchange (HOSE) in September 2007 under the ticker VIC.^[2] Vinpearl was listed separately on HOSE in 2008.

When was Vingroup formed? (2012)

In December 2011, Vincom and Vinpearl signed a merger agreement that combined the two companies under Vincom's listed entity. The combined company changed its name to Vingroup Joint Stock Company in early 2012, retaining the VIC ticker.^[2] The merger created Vietnam's largest listed property group by market capitalization. Over the next several years Vingroup launched or restructured a series of brand subsidiaries: Vinhomes for residential housing, Vincom Retail for shopping malls, Vinmec for hospitals, Vinschool for K to 12 education, and VinEco for agriculture.^[2]

Industrial expansion: VinFast and VinSmart (2017 to 2021)

In June 2017, Vingroup founded VinFast, a wholly owned subsidiary, to manufacture cars and motorbikes.^[4] The company broke ground on a vehicle plant in Hai Phong's Cat Hai island the same year, completing the facility in 21 months. VinFast's first internal combustion vehicles, the LUX A2.0 sedan and LUX SA2.0 SUV (designed in collaboration with Pininfarina and built on BMW-licensed platforms), launched in mid-2019.^[4]

In parallel, Vingroup launched VinSmart in 2018 to build smartphones and consumer electronics under the Vsmart brand. VinSmart released 19 phone models and 5 television models before Vingroup announced on May 9, 2021 that it was shutting down the smartphone and TV business to redirect resources to electric vehicles.^[5][16]

Divestments and refocusing (2019 to 2020)

In December 2019, Vingroup transferred its retail subsidiary VinCommerce (operator of the VinMart and VinMart+ chains) and its agriculture arm VinEco to Masan Group in a share swap deal.^[17][22] Masan later rebranded the stores as WinMart and WinMart+ in 2022. Vingroup explained the divestment as a move to concentrate resources on industry, technology, and trade, especially VinFast.^[17]

In May 2019, SK Group of South Korea acquired a 6.1% stake in Vingroup for about $1 billion, becoming a strategic shareholder.^[2] Vingroup also exited civil aviation when it cancelled its planned Vinpearl Air carrier in early 2020 before launch.

EV pivot and NASDAQ listing (2022 to 2023)

In early 2022, VinFast announced it would stop producing internal combustion vehicles and become a pure electric vehicle manufacturer, the first major automaker to make such a pivot from launch.^[4] On March 29, 2022, North Carolina Governor Roy Cooper announced that VinFast had selected the Triangle Innovation Point megasite in Chatham County, North Carolina as the location for its first North American assembly plant, with planned investment of up to $4 billion across phases.^[15]

On August 14, 2023, VinFast Auto Ltd. completed a business combination with Black Spade Acquisition Co., a special purpose acquisition company (SPAC) backed by Hong Kong-based Lawrence Ho.^[10] The combined entity began trading on the Nasdaq Global Select Market on August 15, 2023 under the tickers VFS (ordinary shares) and VFSWW (warrants).^[8] VinFast opened at $22 and closed its first trading day at $37.06, briefly giving it a market capitalization above $85 billion that put it ahead of Ford and General Motors.^[8][9] The shares quickly retraced as Vingroup's holding meant the public float was tiny.

Recent developments (2024 to 2026)

In April 2024, Pham Nhat Vuong publicly committed at least an additional $1 billion of his personal wealth to VinFast as the carmaker continued to burn cash. On November 12, 2024, Vingroup announced a multi-pronged financial support package: a loan of up to 35 trillion Vietnamese dong (about $1.4 billion) to VinFast through the end of 2026, the conversion of about 80 trillion dong (around $3.3 billion) of existing intercompany loans into preferred shares, and a separate personal sponsorship from Vuong of 50 trillion dong (about $2.1 billion) to VinFast Vietnam.^[13][14] The stated aim was to give VinFast enough runway to reach cash flow break-even by the end of 2026.

Vingroup also restructured its AI and robotics portfolio in this period. On December 5, 2024, Nvidia announced it had acquired VinBrain, Vingroup's medical-AI startup, alongside an agreement with the Vietnamese government to build AI research and data centers in the country.^[11][23] A few months later, in April 2025, Qualcomm acquired the generative AI division of VinAI for an undisclosed sum, with VinAI founder Hung Bui joining Qualcomm as Vice President of Technology at Qualcomm AI Research.^[11][12] The acquisition included VinAI's GenAI engineers and research output, while VinAI's automotive AI and other product lines remained with Vingroup.^[11] In parallel, Vingroup created a robotics cluster, launching VinRobotics in November 2024 and VinMotion in early 2025 to develop industrial and humanoid robots.^[25][26]

How is Vingroup involved in AI?

Vingroup runs one of the largest private AI portfolios in Southeast Asia, organized around four "Vin"-branded units: VinAI (general AI research and automotive AI), VinBigData (Vietnamese large language models and medical imaging), VinBrain (medical AI, now part of Nvidia), and the robotics pair VinRobotics and VinMotion.^[1][11][23] Two of these units, VinBrain and the VinAI generative AI team, have already been acquired by major global chipmakers (Nvidia and Qualcomm respectively), an unusual outcome that put Vietnamese AI research directly inside the product roadmaps of two of the world's largest semiconductor companies.^[11][12][23]

VinAI and the technology stack

VinAI Research was founded in 2019 in Hanoi as Vingroup's flagship AI laboratory.^[11] Its founder and CEO, Bui Hai Hung (Hung Hai Bui), is a Vietnamese computer scientist who had previously worked at Google DeepMind, Adobe Research, Nuance Communications, and the SRI Artificial Intelligence Center.^[11] Under Bui, VinAI built a research portfolio that placed it among the more visible AI industrial labs in Southeast Asia, with papers accepted at NeurIPS, ICML, ICLR, CVPR, ECCV, EMNLP, and ACL. By 2023 the lab had roughly 200 employees across offices in Hanoi, the United States, and Australia.^[11]

VinAI's two best-known open-source releases for the Vietnamese NLP community are PhoBERT and PhoGPT. PhoBERT, published in 2020 (EMNLP Findings), was the first large-scale monolingual pre-trained language model for Vietnamese, in base and large sizes, trained on a 20 GB Vietnamese corpus and reaching state of the art on a range of Vietnamese NLP benchmarks.^[18] PhoGPT, released in late 2023, is a 4 billion parameter generative model series pre-trained from scratch on roughly 102 billion Vietnamese tokens, with both base and chat variants distributed on Hugging Face.^[19][20] Beyond language, VinAI built computer vision systems for driver monitoring, advanced driver assistance, and parking, several of which were integrated into VinFast vehicles. The company also developed face recognition and other applied vision products.^[11]

In April 2025, Qualcomm announced that it would acquire VinAI's generative AI team.^[11][12] Hung Bui joined Qualcomm AI Research as Vice President of Technology after the close, and Qualcomm framed the deal around talent: "By bringing in high-caliber talent from VinAI, we are strengthening our ability to deliver cutting-edge AI solutions," said Qualcomm senior vice president Jilei Hou.^[12] Bui added that his "team's expertise in generative AI and machine learning will help accelerate innovative solutions that can transform how we live and work."^[12] The remaining VinAI businesses, particularly automotive AI, stayed with Vingroup.^[11]

VinBigData

VinBigData, founded in 2018 as Vingroup Big Data Institute, runs the group's other major AI line.^[1] It built ViGPT, a Vietnamese large language model released in 2023 in three sizes (1.6 billion, 7 billion, and 13 billion parameters), and the VinDr family of medical imaging products for radiology screening. VinDr Lab, an open-source data labeling platform for medical AI, was released in 2021. VinBigData has also organized public data competitions, including a chest X-ray abnormality detection challenge on Kaggle.

Other technology units include VinCSS (cybersecurity, including FIDO2 authentication), VinHMS (hotel management software), VinTech (R and D services), and VinID (consumer fintech and loyalty).

Why did Nvidia acquire VinBrain?

VinBrain was Vingroup's medical-AI subsidiary, building diagnostic software that helps radiologists and clinicians read scans. By September 2024 Vingroup had invested about $126 million in the company, and its products had been deployed in 182 hospitals across Vietnam, the United States, India, and Australia.^[23] VinBrain's flagship product, DrAid, included a CT-based liver cancer detection tool that won the Gold Award at the 2024 ASEAN Digital Awards.^[23]

On December 5, 2024, Nvidia founder and CEO Jensen Huang announced that Nvidia had acquired VinBrain.^[23] The terms were not disclosed. The acquisition was paired with a broader agreement Nvidia signed the same day with the Vietnamese government to establish AI research and development centers and data centers in the country, a day Huang described as the "birthday of Nvidia Vietnam."^[23] Huang said the VinBrain deal would be the starting point for a major future Nvidia design center in Vietnam, calling the collaboration with Vingroup and VinBrain a lucky one.^[23] The acquisition moved VinBrain's medical-AI engineers and product portfolio out of Vingroup and into Nvidia, while Vingroup retained its other AI units.

How is Vingroup involved in humanoid robots?

Vingroup entered robotics in late 2024 and quickly built it into a distinct cluster of the group.^[25][26] On November 20, 2024, the conglomerate launched VinRobotics (full name Robotics Research Development and Application Joint Stock Company) with charter capital of about 1 trillion dong (roughly $41 million), structured with Vingroup holding 51 percent, Pham Nhat Vuong 39 percent, and his two sons (Pham Nhat Quan Anh and Pham Nhat Minh Hoang) the remainder.^[25] VinRobotics focuses on industrial robots, automation, and AI, with the first robots intended for deployment inside VinFast factories for tasks such as component transport and quality inspection.^[25]

In early 2025, Vingroup established VinMotion, a dedicated humanoid-robot company, with registered capital of 1 trillion dong (about $37.9 million) and a similar ownership split (Vingroup 51 percent, Pham Nhat Vuong and his two sons holding the rest).^[26] VinMotion unveiled Motion 1, described as the first Vietnamese-made bipedal humanoid robot, just months after the company was founded, demonstrating walking, waving, object recognition, and basic gesture and voice interaction.^[26] The robots use a semi-autonomous, human-in-the-loop control system and are designed for light-duty factory work (material transport, visual inspection, and basic assembly support), starting in VinFast plants.^[26] On December 30 to 31, 2025, VinMotion released a video of a second-generation robot, Motion 2, with a refined design that demonstrated a humanlike walking gait, lifting 40 kg (about 88 lb) with its back, karate-chopping wood, doing a backbend, manipulating objects with five-fingered hands, and self-charging.^[27] In May 2026, Vingroup expanded the effort overseas, investing $12.75 million in VinMotion USA, Inc. and announcing plans for a US research and development center to attract global talent.^[28]

VinFast

VinFast Auto Ltd. is Vingroup's automotive subsidiary and the dominant share of the group's industrial bet.^[4] Founded in June 2017 by Vingroup, the company built its first plant on a 335-hectare site on Cat Hai island near Hai Phong port. The factory was constructed in 21 months and includes stamping, body shop, paint, assembly, and (originally) engine production. Stated rated capacity is up to 950,000 vehicles per year by 2026 across multiple production lines.^[4]

VinFast's first generation of vehicles consisted of internal combustion sedans and SUVs. The LUX A2.0 sedan and LUX SA2.0 SUV launched in mid-2019, designed by Pininfarina on a BMW-licensed platform, and the smaller Fadil hatchback (a rebadged Opel Karl Rocks) followed. In early 2022 the company stopped accepting orders for combustion vehicles and committed to an all-electric lineup.^[4] The current EV range includes the VF 3 mini SUV, VF 5 small SUV, VF 6, VF 7, VF 8, VF 9 (a seven-seat full-size SUV), and a range of electric scooters.

The company entered the United States market in 2023, opening showrooms in California and beginning deliveries of the VF 8. North Carolina assembly plant construction began in summer 2023 at the Triangle Innovation Point megasite in Chatham County.^[15] In 2024, VinFast paused construction citing economic conditions and pushed first US production back to 2028.

VinFast's Nasdaq debut on August 15, 2023 followed completion of the SPAC merger with Black Spade Acquisition Co. one day earlier.^[8][10] The deal had been valued at about $23 billion in the original announcement.^[9] Trading was extremely thin in the first weeks because Vingroup retained nearly all the shares. The stock has lost a substantial share of its initial value since the listing as VinFast continued to report large operating losses through 2024 and 2025. In Q4 2025, VinFast reported quarterly revenue of about $1.6 billion on roughly 86,557 deliveries.

Business segments

The table below summarizes the major operating subsidiaries across Vingroup's three pillars.

Scroll sideways for more →

Key dates

Scroll sideways for more →

Real estate and hospitality

Vingroup's largest revenue contributor is its real estate complex, anchored by Vinhomes.^[1] Vinhomes develops master-planned residential townships, branded apartment complexes, and villa estates across Vietnam. The company is listed on HOSE under VHM and is the country's largest residential developer. Vinhomes' major projects include Vinhomes Royal City and Vinhomes Times City in Hanoi, Vinhomes Central Park in Ho Chi Minh City, Vinhomes Smart City, Vinhomes Ocean Park, Vinhomes Grand Park, and Vinhomes Vu Yen.

Vincom Retail (HOSE: VRE) operates the Vincom-branded retail real estate portfolio. The portfolio includes the Vincom Center luxury format, Vincom Mega Mall, Vincom Plaza, Vincom+, and various shophouse formats across Vietnam.

Vinpearl runs Vingroup's hotel, resort, and amusement park network. The brand began with the original Vinpearl Resort and Cable Car in Nha Trang and has grown to include resorts in Phu Quoc, Da Nang, Nha Trang, Ha Long, and other Vietnamese tourist destinations. Vinpearl operates VinWonders amusement parks (Nha Trang, Phu Quoc, Nam Hoi An), the Vinpearl Safari wildlife park on Phu Quoc, and golf courses under the Vinpearl Golf brand.

Education and healthcare

Vingroup positions its education and healthcare arms as not-for-profit social enterprises within the group, with profits reinvested in their respective systems rather than distributed to other Vingroup businesses.^[2]

Vinmec runs Vietnam's largest private international hospital network. The flagship Vinmec International Hospital opened at the Times City complex in Hanoi in 2012. The system includes general hospitals in Ho Chi Minh City, Hai Phong, Phu Quoc, Nha Trang, Da Nang, Ha Long, and other locations, plus Vinmec Royal City international clinic and the Vinmec Healthcare System Research Institute.

Vinschool, founded in 2013, operates a K to 12 private school network across Vietnam with dozens of campuses. It uses a curriculum blending Vietnamese national requirements with English-language and Cambridge International tracks.

VinUniversity (VinUni) was approved by the Vietnamese Prime Minister in March 2018 and built on a campus in Gia Lam, Hanoi, with construction starting that year. Vingroup signed strategic collaboration agreements with Cornell University and the University of Pennsylvania in 2018 to support the new institution.^[21] Cornell led consultative collaboration on the College of Business and the College of Engineering and Computer Science; Penn supported the College of Health Sciences. The first class of around 300 students enrolled in the academic year 2020 to 2021. The university is designed for an eventual capacity of about 3,500 students.^[21]

Financial overview

Vingroup's listed parent (HOSE: VIC) is one of the largest companies on the Vietnamese stock market by market capitalization.^[1] Group revenue for 2022 was reported at about VND 101.8 trillion (approximately $4 billion at the time), with consolidated employee count around 51,000. VinFast's losses, which Vingroup books as parent, have been the dominant driver of consolidated profitability swings since 2019. VinFast itself reported revenue of approximately VND 90.4 trillion in 2025 (a 105 percent year over year jump) on record deliveries, while losses widened in absolute terms.

Vingroup's group structure means several of its subsidiaries trade independently on HOSE: Vinhomes (VHM), Vincom Retail (VRE), and Vinpearl. VinFast trades on Nasdaq (VFS).^[8] The 2019 SK Group investment of about $1 billion for a 6.1 percent stake remains one of the largest foreign strategic investments in a Vietnamese conglomerate.^[2]

Recent developments

VinFast's cash burn has been the central financial story for the wider group. After the August 2023 Nasdaq listing, the company continued to spend heavily on capacity expansion, dealer network buildout in the United States and Europe, and aggressive expansion into India and Indonesia. To stabilize the situation, Vingroup and Vuong personally committed billions of dollars in 2024 to support VinFast through 2026, by which point the company is targeted to reach cash flow break-even.^[13][14]

GSM, founded in March 2023, has scaled rapidly. Its Xanh SM (Green SM) brand operates electric taxi services across Vietnamese provinces and has expanded into Laos (October 2023), Indonesia, and the Philippines.^[7] Reports in late 2025 indicated that GSM is preparing for a Hong Kong IPO in 2026 or 2027.

The group's AI and robotics arms have also been reshaped. Nvidia's December 2024 acquisition of VinBrain pulled Vingroup's medical-AI unit into a global chipmaker, and Qualcomm's April 2025 acquisition of VinAI's generative AI division did the same for VinAI's GenAI talent, although VinBigData remains within the group and other VinAI lines (notably automotive AI) continue to operate.^[11][12][23] At the same time, Vingroup pushed into humanoid robotics through VinRobotics (2024) and VinMotion (2025), with the Motion 1 and Motion 2 robots slated for deployment in VinFast factories and a US robotics R and D arm announced in 2026.^{[25][26][27][28]}

See also

• VinFast
• VinAI
• VinMotion
• VinBigData
• Pham Nhat Vuong
• Nvidia
• Qualcomm

References

1. Vingroup Joint Stock Company. Official corporate website. https://vingroup.net/ ↩
2. Wikipedia. "Vingroup." https://en.wikipedia.org/wiki/Vingroup ↩
3. Wikipedia. "Phạm Nhật Vượng." https://en.wikipedia.org/wiki/Ph%E1%BA%A1m_Nh%E1%BA%ADt_V%C6%B0%E1%BB%A3ng ↩
4. Wikipedia. "VinFast." https://en.wikipedia.org/wiki/VinFast ↩
5. Wikipedia. "VinSmart." https://en.wikipedia.org/wiki/VinSmart ↩
6. Wikipedia. "VinUniversity." https://en.wikipedia.org/wiki/VinUniversity
7. Wikipedia. "Green SM." https://en.wikipedia.org/wiki/Green_SM ↩
8. CNBC. "Vietnamese EV maker VinFast debuts on the Nasdaq after completing SPAC merger." August 15, 2023. https://www.cnbc.com/2023/08/15/vinfast-completes-spac-merger-set-to-start-trading-on-nasdaq.html ↩
9. Bloomberg. "VinFast (VFS) to List on Nasdaq After Black Spade SPAC Merger." August 10, 2023. https://www.bloomberg.com/news/articles/2023-08-10/ev-maker-vinfast-set-to-list-on-nasdaq-in-rare-spac-venue-switch ↩
10. PR Newswire. "VINFAST AND BLACK SPADE ACQUISITION CO COMPLETE BUSINESS COMBINATION." August 14, 2023. https://www.prnewswire.com/news-releases/vinfast-and-black-spade-acquisition-co-complete-business-combination-301899798.html ↩
11. TechCrunch. "Qualcomm acquires generative AI division of Vietnamese startup VinAI." April 1, 2025. https://techcrunch.com/2025/04/01/qualcomm-acquires-generative-ai-division-of-vietnamese-startup-vinai/ ↩
12. Qualcomm. "Qualcomm Expands Generative AI Capabilities With Acquisition of VinAI Division." April 2025. https://www.qualcomm.com/news/releases/2025/04/qualcomm-expands-generative-ai-capabilities-with-acquisition-of- ↩
13. Bloomberg. "VinFast Tycoon to Inject $2 Billion Into Struggling EV Maker." November 12, 2024. https://www.bloomberg.com/news/articles/2024-11-12/vinfast-tycoon-to-inject-2-billion-into-struggling-ev-maker ↩
14. Electrek. "VinFast secures a $1.4 billion loan from parent Vingroup, plus another $2.1B from its chairman." November 12, 2024. https://electrek.co/2024/11/12/vinfast-secures-a-1-4-billion-loan-from-parent-vingroup-plus-another-2-1b-from-its-chairman/ ↩
15. North Carolina Department of Commerce. "Governor Cooper Announces VinFast Automotive Selects North Carolina for Electric Vehicle Assembly Plant." March 29, 2022. https://www.commerce.nc.gov/news/press-releases/governor-cooper-announces-vinfast-automotive-selects-north-carolina-electric ↩
16. VnExpress International. "Vingroup shuts down smartphone, TV manufacturing business." May 2021. https://e.vnexpress.net/news/business/companies/vingroup-shuts-down-smartphone-tv-manufacturing-4275318.html ↩
17. VnExpress International. "Masan chairman opens up about merger with Vincommerce." 2020. https://e.vnexpress.net/news/business/companies/masan-chairman-opens-up-on-vincommerce-merger-4046542.html ↩
18. GitHub. "VinAIResearch/PhoBERT." https://github.com/VinAIResearch/PhoBERT ↩
19. GitHub. "VinAIResearch/PhoGPT." https://github.com/VinAIResearch/PhoGPT ↩
20. arXiv. "PhoGPT: Generative Pre-training for Vietnamese." https://arxiv.org/abs/2311.02945 ↩
21. Cornell SC Johnson College of Business. "VinUniversity Project." https://business.cornell.edu/faculty-research/vinuniversity-project/ ↩
22. The Investor (theinvestor.vn). "Masan's acquisition of VinCommerce, VinEco tops M and A deals in Vietnam in 2009 to 2023." https://theinvestor.vn/masans-acquisition-of-vincommerce-vineco-tops-ma-deals-in-vietnam-in-2009-2023-d7619.html ↩
23. VnExpress International. "Nvidia buys Vingroup's AI subsidiary." December 5, 2024. https://e.vnexpress.net/news/tech/nvidia-buys-vingroup-s-ai-subsidiary-4824650.html ↩
24. VnExpress International. "Vietnam's richest man Pham Nhat Vuong tops $32B net worth, overtaking Xiaomi's Lei Jun." 2026. https://e.vnexpress.net/news/business/billionaires/vietnam-s-richest-man-pham-nhat-vuong-tops-32b-net-worth-overtaking-xiaomi-s-lei-jun-5003279.html ↩
25. The Investor (theinvestor.vn). "Vietnam's Vingroup establishes robotics firms, with co-founder's 2 sons as major shareholders." 2024. https://theinvestor.vn/vietnams-vingroup-establishes-robotics-firms-with-co-founders-2-sons-as-major-shareholders-d13427.html ↩
26. The Investor (theinvestor.vn). "Vingroup forms new company for humanoid robot production." 2025. https://theinvestor.vn/vingroup-forms-new-company-for-humanoid-robot-production-d17105.html ↩
27. Mike Kalil. "Vietnam's VinMotion Unveils Gen 2 Humanoid Robot." December 2025. https://mikekalil.com/blog/vietnam-vinmotion-motion2-humanoid-robot/ ↩
28. VnExpress International. "Vingroup of Southeast Asia's richest man Pham Nhat Vuong to invest $13M in US humanoid robot venture." May 2026. https://e.vnexpress.net/news/business/companies/vingroup-of-southeast-asia-s-richest-man-pham-nhat-vuong-to-invest-13m-in-us-humanoid-robot-venture-5080468.html ↩