Vietnam's Vingroup to close VinSmart Electronics unit to focus on EVs

Labourers work at an assembly line to produce ventilators amid the spread of the coronavirus disease at Vsmart factory of Vingroup outside Hanoi on Aug 3, 2020. - Reuters

HANOI, May 10 (Bloomberg): Vingroup JSC is shuttering its electronics devices unit VinSmart just months after exporting smartphones to the US as it ramps up production of electric vehicles.

The closure of VinSmart is to "mobilise all resources” for developing of VinFast - Vingroup’s carmaker unit, according to a statement late on Sunday (May 9).