Vietnam’s richest man, Pham Nhat Vuong, is stepping up his efforts to grab a share of the domestic smartphone market from foreign rivals such as South Korea’s Samsung.
Vingroup, the conglomerate controlled by Mr Vuong, aims produce up to 5m handsets a year by 2021, a group executive told the Financial Times, underlining the company’s ambitions to reshape a smartphone market that it only entered last year.
Katherine Nguyen, who heads the company’s VinSmart unit, said its goal was to have its handset plant in Haiphong, northern Vietnam, operating at full capacity within two years, as a range of upgraded models attract consumers buying phones for the first time.
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