According to the agreement, BQ sold VinSmart intellectual property rights to develop two smartphone products for the high-end and mid-range segments under the Vsmart brand name.
This is the important premise for VinSmart to soon launch Vietnamese-branded smartphones with future-oriented design and European-standard technology.
In addition, VinSmart will exploit BQ's strengths in almost aspects of the value chain of producing smart electronics from design, research and development to production.
At the same time, VinSmart will also work closely with BQ in the process of product research and development to apply the world's most advanced technologies to the smart electronics production.
Currently, BQ is cooperating with many prestigious technology partners around the world such as Qualcomm, Google ... and Spanish universities to research and develop products and deploy production, thereby bringing the world’s modern technologies into Vsmart products.
Speaking at the signing ceremony, Nguyen Mai Hoa, General Director of VinSmart, said: "The thing that the cooperation agreement between VinSmart and BQ was entered three weeks shortly after we had announced the production plan of Vsmart smartphone shows Vingroup efforts towards knowledge - and science-based production, which partially improves the efficiency of Vietnam’s economy."
"We are working with the world's leading companies, seeking out the qualified experts, and speeding the completion of production line. Together with VinFast, Vsmart phones will contribute to the development of Vietnam’s industry and bring the Vietnamese brand to the world," Hoa stated.
Earlier, Vingroup established VinSmart, with a charter capital of VND3 trillion ($132 million). VinSmart will focus on two main areas. The first is the production of smart electronics starting with the production of Vsmart-branded smartphone. The second is artificial intelligence (AI) research, experiment and applications as well as automation and new generation materials.
Vsmart plant with international standards will be built at VinFast auto manufacturing complex in the Hai Phong's Dinh Vu – Cat Hai economic zone.