HANOI, VIETNAM – Media OutReach – August 13,
2020 – On August 12, 2020, VinSmart Research and
Production Joint Stock Company (a subsidiary of
Vingroup) officially announced the strategic agreement with Medtronic plc to produce
components for Medtronic’s ventilators. It is expected that around 50,000 units
of Vingroup’s ventilator components will be exported to the US and Ireland
over the next year.
Medtronic is
among the world’s largest medical technology, services, and solutions
companies, providing healthcare services and healthcare solutions to over 150
countries. Medtronic’s ventilators are considered essential equipment in the
fight against the COVID-19 pandemic, in which, an air blower is one of the core
components.
According to
this agreement, VinSmart Research and Production Joint Stock Company will
partner with Medtronic to produce components for Medtronic’s ventilators
effective June 2020. In particular, Medtronic will obtain components
manufactured entirely by VinSmart and VinFast Manufacturing and Trading Co.,
Ltd. The ventilator’s components manufactured by VinSmart are evaluated to meet
the requirements to be exported around the globe.
It is expected
that the first components will be exported in August 2020. The goal is that
over the next year, 50,000 VinSmart units will be exported to the US and
Ireland, providing additional ventilators to meet increased demand.
About the
agreement, Mr. Madan Krishnan, Vice President of Minimally Invasive Therapies
Group, Asia Pacific, Medtronic, said: “No single company can meet the global
ventilator demand alone. To further supplement supply to meet overwhelming
demand, we publicly shared the design specifications for our Puritan
Bennett™560 (PB560) ventilator system in March 2020 under a permissive license.
To further ramp up our own production, we have been collaborating with a number
of international partners who can supplement part of the production process.
The partnership with Vingroup will be one that will see them manufacturing
components within our ventilators. Their support in this manufacturing process
will aid us to further increase our ventilator supply.
Previously,
Vingroup received the technology for producing PB560 ventilators under a
permissive license from Medtronic. After three months of research based on this
specific model, Vingroup successfully developed VSmart ventilator, VFS-510,
with 70% localised components, including the core and other complex components.
The production has been licensed by the Vietnamese Ministry of Health and has
exported to Russia, Ukraine, and Singapore for the first time.
Mrs. Le Thi Thu
Thuy, Vice Chairwoman of Vingroup, said: “Vingroup had also
officially announced the establishment of the Machine and Components division
to develop partnerships in terms of designing and strategic producing (ODM) for
top corporations all over the world. Products VinSmart designs and manufactures
include: PCBA circuit boards, switches, antennas, molds, and completed products
such as smartphones, connected devices (IoT), electronic products, electronics,
refrigeration, computer equipment, medical products, and products that are
specifically requested by partners.”
Participating
in a complex supply chain requiring components with absolute precision and
accuracy for Medtronic not only affirms VinSmart’s production capacity and
technology, but also marks a significant transition to a new level for Vingroup
in the road to become a leading industrial company in the region.
About VinSmart Research and Production Joint Stock Company
VinSmart Research and Production Joint Stock Company (a branch of Vingroup) owns a group of VinSmart electronic complex factories in Hoa Lac (Thach That, Ha Noi) with an area of approximately 14.8 ha, and a total of capacity of 125 million devices per year.On June 20 2020, the Vsmart ventilator VFS-510 model, manufactured by VinSmart Research and Production Joint Stock Company was officially approved by the Vietnamese Ministry of Health. The VFS-510 model was developed based on the PB560 model of Medtronic.
