Vietnam heavyweight Vingroup sells AI company to Qualcomm

Vingroup, a leading Vietnamese conglomerate, has sold its 65% stake in AI company MovianAI to chip giant Qualcomm, but the transfer price was not disclosed.

After the transaction, MovianAI is no longer a subsidiary of Vingroup, it stated in a release on Tuesday. Vingroup is listed on the Ho Chi Minh Stock Exchange as VIC.

MovianAI is a former generative AI division of VinAI and a part of the Vingroup ecosystem. As a leading AI research company, VinAI is renowned for its expertise in generative AI, machine learning, computer vision, and natural language processing.

On the same day, Qualcomm announced the acquisition on its website, adding that Dr. Hung Bui, VinAI’s founder and CEO, will join Qualcomm.

"Combining VinAI’s advanced generative AI R&D capabilities with Qualcomm's decades of extensive R&D will expand its ability to drive extraordinary inventions," the U.S. giant wrote.

Jilei Hou, senior vice president of engineering at Qualcomm Technologies, Inc., commented: "This acquisition underscores our commitment to dedicating the necessary resources to R&D that makes us the driving force behind the next wave of AI innovation.

"By bringing in high-caliber talent from VinAI, we are strengthening our ability to deliver cutting-edge AI solutions that will benefit a wide range of industries and consumers."

Qualcomm said for more than 20 years, it has been working closely with the Vietnamese technology ecosystem to create and deliver innovative solutions.

"Qualcomm’s innovations in the areas of 5G, AI, IoT and automotive have helped to fuel the extraordinary growth and success of Vietnam’s ICT industry and assisted the entry of Vietnamese companies into the global marketplace," it wrote.

Led by Dr. Hung Bui, formerly of Google DeepMind, VinAI’s generative AI team is a "powerhouse of expertise in AI - from world-class research that pushes the boundaries of what’s possible to customized AI models and engineering".

Dr. Hung Bui, founder and CEO at VinAI, said, "We are ready to contribute to Qualcomm’s mission of making breakthroughs in fundamental AI research and scale them across industries, including smartphones, PCs, software-defined vehicles, and more. Our team’s expertise in generative AI and machine learning will help accelerate the development of innovative solutions that can transform the way we live and work."

At the end of November 2024, Vingroup separated VinAI into two legal entities, including MovianAI. This company has a charter capital of nearly VND227 billion ($8.85 million), of which Vingroup holds a 65% stake.

According to Vietnam's National Portal on Business Registration, MovianAI was established on November 5, 2024, headquartered in Long Bien district, Hanoi. The legal representative is Bui Hai Hung, born in 1973, who is CEO.

The company's main business is scientific research and technology development in the field of science and technology. MovianAI also operates in the fields of software publishing, computer programming, and technical testing and analysis.

Qualcomm is famous for its Snapdragon SoC chip line, appearing on flagship Android phones. In 2024, the company expanded into the computer field with the Snapdragon X chip. In Vietnam, the company opened a research and development (R&D) center in Hanoi in 2020.

Qualcomm, famous for its Snapdragon chips, is a major smartphone chip supplier. In Vietnam, the chip company opened an R&D center in Hanoi in 2020, the company's first R&D facility in Southeast Asia.

At the end of 2024, Vingroup sold another AI company, VinBrain, to Nvidia. The value of the deal was not disclosed.

After selling MovianAI, Vingroup still has a number of other subsidiaries in the field of AI and technology such as VinAI, VinMotion, VinBigData, VinRobotics, VinITIS, VinHMS, VinCSS, and VinTech.