Vingroup, whose businesses range from real estate to a new automaker named VinFast, will now instead invest in technology and manufacturing, according to the statement.
HANOI: Vietnamese conglomerate Vingroup JSC is abandoning plans to launch Vinpearl Air so it can focus on other businesses, including electric vehicle manufacturing.
"The aviation market of Vietnam has a lot of potential and is developing strongly, but it also has large companies already in operation, ” Vingroup Vice Chairman Nguyen Viet Quang said in an email statement. "Vingroup’s strong investment in aviation could lead to an oversupply.”
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
