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

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

It's an unlikely story: How a Hanoi-based company now helps solve part of the pandemic

Published: September 09, 2020 13:37 Jay Hilotin, Senior Assistant Editor

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DISPLAY: VSmart VFS-510 ventilators are displayed last month on the production line at the Vinsmart factory, operated by Vingroup JSC, in Hanoi, Vietnam. — 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. Image Credit: Bloomberg

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362334783_0-14-(Read-Only) — 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. Image Credit: Bloomberg

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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. Image Credit: Bloomberg

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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." Image Credit: Vingroup

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Vinsmart ventilators 1010 — 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. Image Credit: Bloomberg

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362334762_0-14-(Read-Only) — $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. Image Credit: Bloomberg

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TESTING: Vinsmart 0110 — 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. Image Credit: Vinsmart

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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. Image Credit: Vingroup

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ftc_3103_ventilators10 — 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. Image Credit:

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ftc_3103_ventilators05 — 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. Image Credit:

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The given models include Vsmart VFS-410 and VFS-510 — the two “made in Vietnam” invasive ventilators which have been completed and manufactured entirely from the Vingroup ecosystem with a localization rate of up to 70% — 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. Image Credit: Vinsmart

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ELECTRIC SCOOTERS AND EVS ietnam National Petroleum Group — 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. Image Credit: Vingroup

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