Vingroup 's AI company sales deals
In December 2024, Nvidia CEO Jensen Huang said the group had acquired VinBrain from Vingroup (stock code: VIC) to develop a large future design center in Vietnam. VinBrain's website also updated its interface on December 6, 2024, with a notice that it had become part of Nvidia, which Nvidia acquired in December and was no longer an independent entity.
Jensen Huang confirmed to VinBrain that Nvidia has the starting point for a major future design center. However, the progress of this deal has not been specifically announced.
VinBrain is an affiliate of Vingroup. Vingroup's financial report shows that as of the end of June 2024, billionaire Pham Nhat Vuong's group owned 49.74% of the company's shares. In addition, the group also invested VND126.6 billion in VinBrain as of December 2023.
Then, on April 1, Vingroup announced that it had transferred all shares in Movian AI Artificial Intelligence Research and Application Joint Stock Company. After the transfer, Movian AI Company is no longer a subsidiary of Vingroup. However, the transfer value was not disclosed.
Previously, on October 30, 2024, Vingroup separated VinAI Artificial Intelligence Research and Application Joint Stock Company to establish a new subsidiary, Movian AI Company. Movian AI has a charter capital of VND 226,766 billion, Vingroup contributes 65% of the charter capital.
Following Vingroup’s announcement, Qualcomm Corporation also announced the acquisition of Movian AI. The corporation said the acquisition will enhance Qualcomm’s generative AI research and development capabilities and accelerate the creation of advanced AI solutions for products.
Qualcomm announces acquisition of Movian AI (Screenshot).
The reason behind
Why Vingroup sold two AI companies early when this is a technology trend leading the world is a question that shareholders asked billionaire Pham Nhat Vuong. In the recent Vingroup General Meeting of Shareholders, he unexpectedly shared the reason behind these deals.
He said that in the deal to sell two AI companies to Nvidia and Qualcomm, there were conditions that forced these large enterprises to invest heavily in Vietnam.
Vingroup's chairman emphasized that doing so would attract leading technology corporations to Vietnam, develop science and technology, open research centers, and employ Vietnamese people. Selling a few hundred million dollars is not Vingroup's goal.
Billionaire Pham Nhat Vuong (Photo: VIC).
The second point of view shared by billionaire Vuong is that establishing and creating a company and assets is not for holding. His orientation is to create businesses, promote development until reaching a certain level, then sell them to continue investing in dozens, hundreds of other companies.
Along with the divestment story, Vingroup also established a venture fund called VinVentures, which manages about 150 million USD to invest in technology startups. Vingroup's chairman pledged that good programs and projects will be invested in, most importantly, proving that startups have a future. Thus, Vingroup will gain some or nothing, but the country will reap the rewards.
Besides, billionaire Vuong also believes that technology businesses will grow much bigger if they go bankrupt a few times. He believes that the more chances a startup has to fail, the more sustainable its success will be.
“Let's make sacrifices when we are young and then grow up, that way we will be more steadfast,” billionaire Vuong expressed.
Therefore, the chairman of Vingroup wants to create a playground for young people to start a business. Any company that is stable will receive capital from the fund, has good buyers, and brings great common benefits, then it will be sold instead of keeping it for the group. After that, Vingroup will also sign service order contracts with units even if they have divested.
“At that time, not only Vingroup will benefit but all businesses will be able to use that technology. This is the direction for developing small and medium-sized enterprises in science and technology for Vietnam,” he shared.
Source: https://dantri.com.vn/kinh-doanh/loi-khuyen-bat-ngo-cua-ty-phu-pham-nhat-vuong-cho-start-up-cong-nghe-20250609091008469.htm
Comment (0)