Vietnamese Tycoon Aims for the Stars with New Aerospace Venture
Pham Nhat Vuong, founder of Vingroup, has created Vinspace Joint Stock Company to explore aerospace. This venture includes planes, spacecraft, and telecommunication satellites. Vuong holds a majority stake, with Vingroup and his sons also investing. This initiative aligns with Vietnam's strategy to diversify its economy.
- Country:
- Vietnam
Pham Nhat Vuong, founder of Vietnam's largest listed company, Vingroup, is taking a bold leap into aerospace. According to business registry documents, Vuong has launched a new company, Vinspace Joint Stock Company, to manufacture planes and spacecraft.
Established on Monday with an initial capital of 300 billion dong ($11.4 million), Vinspace sees Vuong holding a 71% stake, Vingroup holding 19%, and Vuong's two sons holding the remaining 10%. The company's operations will also span air cargo transport, telecommunication satellite operations, and scientific research.
As Vietnam treads economic challenges from international tariffs, Vuong's expansionary vision showcases a push to diversify and bolster the nation's economic resilience. His latest venture is complemented by a wide array of enterprises under the Vingroup umbrella, spanning real estate, electric vehicles, tourism, and more.
Google News