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Vingroup makes quick exit out of smartphones in shift to EVs

Vietnamese conglomerate will also halt TV production

A Vingroup factory in Hanoi: The Vietnamese conglomerate entered the smartphone business in 2018. (Photo by Tomoya Onishi)

HANOI -- Top Vietnamese conglomerate Vingroup will end development and production of smartphones and televisions amid lackluster sales and few prospects for growth.

Vingroup gave no time frame for halting production, but said Sunday the manufacturing equipment will be repurposed to provide smart solution products for automobiles and households. The company will honor warrantees and repairs for TVs and handsets already sold.

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