VinFast parent plans to invest $3B in Telangana
What's the story
Vietnam's largest private conglomerate, Vingroup, has signed a Memorandum of Understanding (MoU) with the Telangana government to invest $3 billion. The investment will be made in phases and is expected to create a multi-sector ecosystem in the state. The agreement was signed at the Telangana Rising Global Summit and strengthens economic ties between India and Vietnam.
Project
Investment to boost Telangana's socio-economic development
The MoU envisions strategic collaboration in smart urban development, electric mobility, healthcare, education, tourism, renewable energy, and charging infrastructure over some 2,500 hectares. It also includes the launch of electric taxi services to boost Telangana's socio-economic growth. The proposed investment is Vingroup's biggest potential project outside Vietnam and surpasses its $2 billion VinFast EV plant under construction in North Carolina, US.
Urban development
Vinhomes Smart City to accommodate 200,000 residents
A key part of the plan is the construction of a Vinhomes Smart City on a 1,080-hectare site. The city will house some 200,000 people and create around 10,000 jobs. It will have both low-rise and high-rise buildings built on sustainable urban planning principles. This project is part of Vingroup's broader vision for Telangana's development.
Electric mobility
Vingroup plans India's 1st large-scale electric taxi fleet
In the realm of electric mobility, Vingroup intends to launch India's first large-scale electric taxi fleet using VinFast vehicles through its affiliate GSM. The group may also explore EV manufacturing opportunities here in the future. Pham Sanh Chau, CEO of Vingroup Asia and VinFast Asia, said, "Vingroup sees tremendous potential in Telangana and we aspire to build a long-term partnership with the state government."
Social infrastructure
Vingroup to establish schools, hospitals
The MoU includes social infrastructure projects on some 70 hectares. These include Vinschool integrated K-12 schools and Vinmec multi-specialty hospitals. The plan also involves the establishment of a V-Green EV charging network. In tourism and entertainment, Vingroup's VinWonders unit plans to build a theme park, zoo and safari complex over some 350 hectares.
Renewable energy
Subsidiary proposes 500MW solar farm
In the renewable energy sector, VinEnergo, a subsidiary of Vingroup, has proposed to invest in a 500MW solar farm over some 500 hectares. The facility will offer green electricity for urban areas, industrial zones and the electrified mobility ecosystem.