Vietnam-based conglomerate Vingroup has shut down its corporate venturing unit, Vingroup Ventures, DealStreetAsia has reported.
Founded in Ukraine in 1993, Vingroup moved into Vietnam in 2000 and has concentrated its activities in the country since then. Its main areas of interest include technology, manufacturing and a range of services in sectors including education, health and real estate.
Vingroup established the vehicle in late 2018 and had targeted $100m of investments across the globe according to its LinkedIn page, though it has failed to disclose a single deal in which it had participated.
The unit was rebranded as Vinhomes Industrial Park Investment JSC last month and moved under the auspices of two real estate-focused Vingroup subsidiaries: Vingroup Vinhomes JSC and Green City Development.
A company spokesperson told DealStreetAsia: “Vingroup will continue to consider venture capital investment opportunities in technology but has delegated this mission to subsidiaries so that they can select investment options within their own sectors.”
The news comes two months after DealStreetAsia reported that Linh Thai, CEO of Vingroup Ventures and a regular on the Vietnamese version of reality television show Shark Tank, had left the company.
