Vingroup is Vietnam's biggest conglomerate, founded by Pham Nhat Vuong, Vietnam's richest man. It is a developer-turned-conglomerate with subsidiaries spanning property (Vinhomes), shopping centres (Vincom Retail), electric vehicles (VinFast) and high-speed rail (VinSpeed).
Three "Vin" stocks—Vingroup, Vinhomes and Vincom Retail—accounted for almost three-quarters of the gains on Vietnam's benchmark stock index in 2025. Without them, the index would have risen by just 11% rather than 37% in dollar terms.
Vingroup is developing the Dong Son Bronze Drum Stadium, a 135,000-seat sports complex named after Vietnam's prehistoric bronze-casters, at the centre of a $35bn sports-themed megaproject slated for completion by 2035. The stadium would boast the world's second-biggest seating capacity and its biggest retractable-roof system.
On December 25th 2025 Vingroup backed out of a $70bn project to build a 1,540km high-speed railway from Ho Chi Minh City to Hanoi, despite having earlier vowed not to. Vingroup had offered to bear 20% of the cost if the government would provide an interest-free loan for the remainder, which it refused. The episode highlighted the vulnerability of Vietnam's growth model to the whims of a few well-connected firms.
To err is human; to admit it, a blunder.