Vingroup focuses on real estate but has multiple subsidiaries, including Nasdaq-listed electric carmaker VinFast and recently established units to build a US$70 billion high-speed railway and to produce the steel needed for civil works.

The new company, named Vinspace Joint Stock Company, was established on Monday, with initial capital of 300 billion dong (US$11.4 million), according to the registration document.

Vingroup did not have an immediate comment about the new company.

Vuong holds 71% of Vinspace’s shares, Vingroup has 19% and Vuong’s two sons the remaining 10%, according to the document.

Vinspace’s business scope also includes air cargo transport, telecommunication satellite operations and scientific research, according to the document.

Vuong, who built his first fortune in Ukraine in the 1990s selling instant noodles, is Vietnam’s richest man, based on the value of publicly listed companies that he controls.

Under the Vingroup umbrella he has launched dozens of successful enterprises, including in tourism, healthcare and education, but has also withdrawn from others, such as smartphone production and a plan to set upan airline.

Trade-reliant Vietnam is encouraging domestic conglomerates to expand as it seeks new ways to support economic growth while it faces uncertainty from tariffs on its exports to the US, its largest foreign market.