Vietnam’s Richest Man Wants To Sell Smartphones Across The World

(Forbes) – Vietnam’s largest listed company by market value recently celebrated the launch of its first line of smartphones in Ho Chi Minh City. The new business marks a significant departure for Vingroup, a conglomerate that already operates in industries as varied as real estate, retail and healthcare, among others.

“We want to invest heavily in research and [the] application of new technologies and techniques to contribute to promoting the appearance of Vietnam on the world map,” said Nguyen Viet Quang, Vingroup’s vice chairman and CEO.

Vingroup unveiled its four models of smartphones under the brand name Vsmart in mid-December. The phones are to be available to consumers in Vietnam as well as overseas markets like Russia and Spain. In its home market, the phones’ prices have already been set between 2.49 and 6.29 million dong ($107 to $270).

The conglomerate also revealed at about the same time that it now holds a 51% stake in the Spanish smartphone maker BQ. The Madrid-based company has been following a similar strategy to China’s Xiaomi, which sells handsets with high-end specs that consumers want while keeping prices extremely low.