Vietnam’s richest billionaire Pham Nhat Vuong has founded an aerospace company named VinSpace, marking his first entry into the aerospace industry.

According to business registration documents, VinSpace JSC was officially established on November 3 with charter capital of VND300 billion (US$11.4 million).

Vietnam’s richest billionaire Pham Nhat Vuong has established an aerospace company named VinSpace. Photo courtesy of the company

The company will operate in six areas, including aircraft and spacecraft manufacturing, telecommunications satellite production and air cargo transport.

Vuong, Chairman of the Vietnamese conglomerate Vingroup, holds a 71% stake worth VND213 billion (US$8.1 million). Vingroup owns 19%, making it the second-largest shareholder, while Vuong’s two sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang, hold the remaining shares.

Nguyen Mai Hoa, a highly-experienced Vingroup executive who has served as legal representative for several subsidiaries, has been appointed Chairwoman of VinSpace’s Board of Directors.

The move reflects a strategic expansion for Vuong and his family, who have recently diversified their investments across new industries.

In October 2025, Vingroup, Vuong and his family launched several new companies, including VinMetal (steel), Vin New Horizon (senior living and retirement services) and V-Film (entertainment and film production). Among these, steel and entertainment are entirely new sectors for the Vingroup ecosystem.

Vin New Horizon, officially introduced in mid-October, has charter capital of VND1 trillion (US$38 million). Vingroup holds 65%, while Vuong’s wife Pham Thu Huong, their daughter and two daughters-in-law own the rest.

In late September, Vingroup and Vuong’s family founded V-Film JSC, a film production company with charter capital of VND10 billion (US$380,000). In June, they announced a joint venture with VinEnergo to develop the Haiphong LNG Thermal Power Plant at Tan Trao Industrial Zone in Haiphong's Kien Hung Commune.

In February, Vingroup also set up VinSC, a subsidiary focusing on smart city solutions and applications, with charter capital of VND300 billion (US$11.4 million), of which Vingroup owns 99%.

Before entering the aerospace sector, Vingroup had explored aviation through its Vinpearl Air project in 2019 but withdrew from the field in 2020.