Vingroup has dissolved its subsidiary Vantix, a provider of AI & data management services and solutions, the largest private conglomerate in Vietnam announced on Friday.
The company, headquartered in the Vinhomes Riverside urban area in Hanoi’s Long Bien district, was established in January 2019 with Vingroup as the sole owner and Nguyen Mai Hoa as its legal representative.
Vantix specialized in providing information technology and other computer-related services. Its vision was to apply AI and data to digitize and quantify information to bring value to businesses.
One typical product of Vantix is the vBand wearable, which can send up to 300 signals per second from each worker in real time, through which managers can use the information it collects to distribute the workload equally, helping to improve work performance.
vBand has been used by Vinpearl Condotel Da Nang Hotel among its housekeeping staff and as a result, they have increased labor productivity by 25% and reduced working time by 15%.
Vantix also conducted driving tests on the VF e34 electric car model across Vietnam on real roads before its launch in 2022.
As of June 30, 2023, Vingroup had 106 subsidiaries.
In April 2023, the group announced the dissolution of its subsidiary Vietnam Grand Prix, which was set up to host the first Formula 1 race in Vietnam.
The race was scheduled for April 2020 at Hanoi’s My Dinh National Sports Complex. A race track was finished in February 2020 after 11 months of construction, stretching 5.5 kilometers. However, the Covid-19 pandemic broke out globally, preventing the race from taking place.
Vingroup has also closed Ha Thanh Real Estate Investment and Urban Infrastructure Development Company, Vinlandscape Design Construction and Landscape Management LLC, VME Marketing LLC, Vincom6 Construction Management LLC, Cam Ranh Tourism and Trade JSC, Hon Tre Tourism and Services JSC, and Bai Dai Tourism and Investment JSC.
In May 2021, Vinsmart, another subsidiary of Vingroup, closed its smart phone production after three years.
Vingroup reported after-tax profit and net revenue of VND987 billion ($41.68 million) and VND86.12 trillion ($3.64 billion) in the first half of the year, down 7% but up 138% year-on-year, respectively.
The strong rise in revenue was driven by the real estate transfer segment that earned VND102.53 trillion ($4.33 billion), up 13 times year-on-year, thanks mainly to the handover of low-rise housing at the Vinhomes Ocean Park 2 project in the northern province of Hung Yen.
Other segments, including real estate investment, hotel services, tourism, entertainment, and manufacturing, also recorded robust growth.