Vingroup strengthens foothold in India

MANILA: Vingroup has strengthened its foothold in the Indian market after it signed a memorandum of agreement (MOU) with the Government of Tamil Nadu. 

Per the Vietnamese multi-business company who owns VinFast, the partnership inked by the two entities aims to establish a framework for cooperation in studying and developing strategic investment opportunities in India.

The agreement, Vingroup noted, marks the next step in its strategy to expand its multi-sector ecosystem in India in general and in Tamil Nadu in particular, reaffirming the Hai Phong-headquartered enterprise’s long-term investment commitment and well-defined approach in the South Asian market. 

“The MOU with Tamil Nadu continues to demonstrate Vingroup’s long-term and consistent approach in India, while reaffirming the state’s role in our development strategy in the market. We would like to express our sincere appreciation to the Honorable Chief Minister of Tamil Nadu, together with the state’s authorities, in particular Guidance, the Investment Promotion and Facilitation Agency, and SIPCOT, the State Industries Promotion Corporation of Tamil Nadu, for their continued support and close cooperation over the past period,” Vingroup Asia Chief Executive Officer Pham Sanh Chau was quoted as saying.

“Vingroup wishes to accompany localities that have a vision for sustainable development, leveraging experience in implementing large-scale projects in tourism, service infrastructure, and electric mobility, thereby creating practical socio-economic value for local communities,” he added.

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Key areas of investment

Per Vingroup, it has targeted key areas for investment, namely large-scale tourism and entertainment development, premium hospitality infrastructure, and electric mobility solutions.

In the tourism and entertainment sector, the conglomerate will study the development of an international-standard theme park, zoo, and safari complex featuring a semi-wildlife zoo model under the VinWonders brand.

Meanwhile, Vingroup will consider the potential investment in a five-star resort under the Vinpearl brand for its plans in the premium hospitality services sector.

As for its intents in the green mobility sector, both Vingroup and the Government of Tamil Nadu will jointly study the potential deployment of electric mobility solutions, including a large-scale electric taxi model using “Made-in-India” electric vehicles operated by GSM.

On the other hand, the Government of Tamil Nadu may support Vingroup in identifying suitable locations for each initiative, coordinating planning and project structuring activities, facilitating licensing procedures, considering incentives in accordance with current policies, and coordinating with relevant agencies to prepare the necessary connectivity infrastructure for future implementation. 

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