Vingroup, Vietnam’s top conglomerate, leaps into global markets

IN THE HEYDAYGDP of Vietnam’s communist economy, comrades could expect their health care, education, housing and entertainment to be provided by the government. In the freeish-market Vietnam of today, those necessities are still purveyed by one dominant entity, albeit a capitalist one. Vingroup, the country’s biggest conglomerate, and its two listed subsidiaries, Vinhomes (a property developer) and Vincom Retail (which offers other real-estate services), jointly make up 28% of free-float shares in Vietnam’s stockmarket index (see chart). Their revenues are equivalent to nearly 2% of Vietnamese .