The agreement with Vingroup, the largest private conglomerate in Vietnam, consolidates BQ as one of the leading engineering companies in Europe.
BQ and Vingroup are already working on smartphones and other new areas of business (relating to AI and the IoT) and developing projects with new partners.
Madrid, December 20th 2018.- Spanish tech company BQ and Vingroup, the largest private conglomerate in Vietnam, have announced that the Vietnamese company has become the majority shareholder in Mundo Reader, S.L. (the company behind the BQ brand).
Vingroup is the private conglomerate in Vietnam with a diverse set of eight business segments, including Technology, Industrial, Property, Hospitality and Entertainment, Consumer Retail, Healthcare, Education and Agriculture. Showing a clear commitment to innovation, over the last year Vingroup has entered new areas such as automobile and technological development, creating new companies such as VinFast,VinTech, and VinSmart in these respective industries.
BQ is a European engineering company, dedicated to developing technological devices (such as smartphones, 3D printers and robotics) under its own brand as well as others, education in technology, and developing solutions and systems for third parties. “This partnership allows us to be even more ambitious. We are a company of engineers, innovation is part of our DNA and Vingroup shares the same vision” explains Alberto Méndez, CEO of BQ.
Through this agreement, Vingroup joins the founders of BQ and the Diana Capital fund as the majority shareholder (51%). Both companies began working together in July of this year, when Vingroup created its own brand of smartphones (Vsmart) and entrusted BQ with designing and developing their first four models launched on December 14th. Vingroup also opened its first smartphone factory in Vietnam with support from BQ, a production plant with a capacity of up to 5M units/year, involving an investment upwards of €30M. Over 100 BQ engineers have worked with Vingroup’s engineers on this project.
Following this agreement, BQ’s objective moves towards new areas of business (especially in fields relating to artificial intelligence and the Internet of Things) and to consolidating its position as one of the largest European engineering companies and a provider of end-to-end systems, solutions and products for benchmark third-party firms.
The Spanish company appreciates the impact that this agreement will have on the country’s economy, where it will continue to develop its business. “We are committed to the technological and economic development of Europe. In the last 9 years, we have gone from being a start-up to one of the largest tech companies in the continent” explains Alberto Méndez.