It is developing cleanroom facilities, testing equipment and a ground station network to meet the deadline, according to the 2025 annual report by Vingroup, Vuong’s flagship conglomerate and VinSpace’s second largest shareholder.

Pham Nhat Vuong at the groundbreaking ceremony for an urban development project in HCMC's Can Gio Ward, April 19, 2025.

It plans to tie up with Vietnamese and foreign partners for research and development, and aims to commercialize its telecommunications and remote sensing services.

The government’s Vietnam National Space Center successfully manufactured microsatellites and launched them in 2013 and 2021. The satellites are used to support telecommunications, data transmission and scientific research.

VinSpace, established last November, is licensed to provide air cargo transport and manufacture aircraft, spacecraft and telecom satellites, among other activities.

Vuong and Vingroup own 71% and 19% of the company, which has charter capital of VND300 billion (US$11.4 million), while the rest is owned by his two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang.

In the technology space, the conglomerate also owns robotics firms VinRobotics, VinDynamics and VinMotion, cybersecurity companies VinSOC and VinCSS, and software developer VinSmart Future.

VinFast EV sales jump 127%, cementing market dominance

According to its report, all models in VinFast’s EV lineup recorded strong growth in March. Notably, on March 28 alone, the company completed 3,520 orders, the highest number ever recorded in a single day by an automotive brand in Vietnam.

 

Hanoi approves Vingroup plan for Olympic sports complex with world’s second-largest stadium

Authorities have approved a master site plan for an Olympic-standard sports complex to be developed by Vietnamese conglomerate Vingroup, featuring a 135,000-seat stadium that would become the second-largest in the world.

Vingroup H1 revenue doubles as VinFast hits top gear

Vietnam's biggest conglomerate Vingroup doubled its revenues year-on-year in the first half, mostly thanks to strong growth at EV subsidiary Vinfast.

Vingroup among top 40 largest enterprises in Southeast Asia

This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.

 

Vingroup chairman becomes first Vietnamese person owning 9 billion USD assets

This achievement places Vuong at the 330th spot in the magazine's ranking of the richest people across the globe.