Meet the Vietnamese billionaire who helps the world beat COVID-19

MADE IN VIETNAM VENTILATORS: Vingroup's ventilators cost around $7,000 in Vietnam, 30% less than a competing model from than Medtronic, whose open-source design was copied by Vinsmart. Photo shows VSmart VFS-510 ventilators displayed on the production line at the Vinsmart factory, operated by Vingroup JSC, in Hanoi, Vietnam.

FACTORY FLOOR: Employees conduct operational checks on ventilators while working on the production line at the Vinsmart factory, operated by Vingroup JSC, in Hanoi, Vietnam.

PROGRESS REPORT: Employees make a phone call to report progress and receive guidance while working on the ventilator production line at the Vinsmart factory, operated by Vingroup JSC, in Hanoi, Vietnam.

FROM REAL ESTATE TO ELECTRIC VEHICLES TO VENTILATORS: Hanoi-based billionaire Pham Nhat Vuong, 51, believes his company, Vingroup JSC, makes ventilators faster — and for less money. "For the time being, we will focus on producing lots of ventilators — and doing it really well."

VENTILATORS: Production staff conduct operational checks on ventilators while working on the production line at the Vinsmart factory, operated by Vingroup JSC, in Hanoi, Vietnam.

$7,000 VENTILATOR: An employee assembles a ventilator on the production line at the Vinsmart factory. Vingroup's ventilators cost around $7,000 in Vietnam, 30% less than Medtronic's own model.

TESTING: Vinsmart, the electronics arm of Vingroup, has started mass production of ventilators both for the domestic market and export after its model, known as VFS-510, was approved by the Ministry of Health. The company said that VFS-510 has undergone rigorous independent quality testing procedures at various top-level hospitals such as Bach Mai Hospital and 103 Military Hospital with close monitoring and evaluation from highly-qualified doctors and medical experts.

OPEN-SOURCE DESIGN: Using an open-source design from device maker Medtronic Plc, Vietnamese billionaire Pham Nhat Vuong's Vingroup submitted a working ventilator for regulator approval in mid-April. While the company waits for Vietnam's regulators to give the go-ahead, ventilators are rolling off the assembly line.

MATTER OF LIFE AND DEATH: In the worst cases of COVID-19, the SARS-CoV-2 virus attacks the lungs, making it harder to get oxygen to the bloodstream. A ventilator can be the difference between life and death, and there aren't enough of them. By one estimate, the world's hospitals could use another 800,000.

PRODUCTION: An undated photo released by the UC London shows ventilator components. Vingroup runs a handful of hospitals and clinics, but being a medical device manufacturer hadn't been on the agenda. But with the decision to manufacture ventilators, Vingroup said the company could produce as many as 55,000 a month and plans to export them wherever there's demand. Vingroup says it'll donate several thousand to Ukraine and Russia, where Vuong has long-standing business ties.

DONATION: Vingroup has also announced that it has donated 2,400 ventilators to Russia and Ukraine for COVID-19 treatment. The models models include Vsmart VFS-410 and VFS-510 — the two “made in Vietnam” ventilators manufactured by Vingroup. Up to 70% of the components were sourced in Vietnam, the company said.

ELECTRIC SCOOTERS AND EVS: Vingroup and Vietnam National Petroleum Group (Petrolimex) have recently signed an agreement to jointly build charging stations for electric vehicles produced by VinFast. VinFast, a unit of Vietnam’s largest conglomerate Vingroup JSC, is building a USD3.5‐billion electric scooter and electric car production complex in northern Vietnam.