Vietnam's Vingroup plans big India push with $3b investment
Vietnamese conglomerate Vingroup has inked an MoU with the Telangana government to explore multi-sector investments up to $3 billion. This expansion beyond electric vehicles will encompass urban infrastructure, energy, and services, positioning Te...
By ET Bureau |
Mumbai: Vietnamese conglomerate Vingroup has signed a memorandum of understanding (MoU) with the Telangana government to explore multi-sector investments of up to $3 billion, signalling its expansion in India beyond electric vehicles into urban infrastructure, energy and services.
The proposed investments, to be implemented in phases, span electric mobility, smart urban development, renewable energy, healthcare, education and tourism. If executed, the plans would position Telangana as a key base for Vingroup's expansion in the country and deepen trade and investment links between India and Vietnam.
Vingroup sees Telangana as a long-term strategic market and plans to deploy its experience in large-scale urban development and electric mobility as part of the partnership, said Pham Sanh Chau, CEO of VinGroup Asia and VinFast Asia.
Vingroup plans to introduce a large-scale electric taxi fleet in Telangana through its mobility arm GSM, using vehicles supplied by VinFast. The group is also evaluating opportunities in charging infrastructure and mobility-as-a-service platforms as India accelerates its transition to cleaner transport.
Vingroup's automotive arm VinFast already has a growing footprint in India.
