Mr. Pham Sanh Chau (left) - General Director of Vingroup Asia and General Director of VinFast Asia - and Mr. Sanjay Kumar - Deputy Minister of Industry and Trade of Telangana state government, at the signing ceremony - Photo: VG
On December 9th, Vingroup, owned by billionaire Pham Nhat Vuong, signed a Memorandum of Understanding (MOU) with the government of Telangana state (India) at the Telangana Rising Global Summit. According to the agreement, Vingroup proposes investing approximately $3 billion in phases to develop a multi-sector ecosystem on about 2,500 hectares of land in this southern Indian state.
Under the MOU, Vingroup and the Telangana government will jointly study cooperation opportunities in many fields such as smart cities, manufacturing, social infrastructure, education , healthcare, tourism - entertainment, renewable energy and green transport infrastructure.
In the field of electrified transportation, Vingroup plans to deploy the first large-scale SM Green electric taxi model in India. At the same time, Vingroup is considering the possibility of researching and developing the production of electric vehicles locally.
Notably, Vingroup aims to build a 1,080-hectare smart urban area capable of meeting the housing needs of about 200,000 people and creating 10,000 jobs. The project includes low-rise and high-rise housing and an "all-in-one" utility system according to international standards.
Regarding social infrastructure, Vingroup proposed to develop a network of Vinschool inter-level schools, Vinmec international hospital and V-Green charging station system on an area of 70 hectares. In the field of entertainment tourism, VinWonders wishes to build a complex of theme parks, zoos and safari areas on an area of 350 hectares.
In addition, VinEnergo plans to invest in a 500MW solar power project on 485 hectares, providing stable green energy for urban areas and electrified transport ecosystems.
The Telangana state government has affirmed that it will support land funds, planning, procedures and connecting infrastructure to ensure the progress of projects. Chief Minister A. Revanth Reddy emphasized that Vingroup's $3 billion investment is "not just capital, but also a cooperation to build a city of the future".
Representing Vingroup, Mr. Pham Sanh Chau - General Director of Vingroup Asia and VinFast Asia - said that the Group sees "enormous potential" in Telangana and wishes to have a long-term partnership, contributing to the state's sustainable development goals. Vingroup is currently the largest multi-sector private corporation in Vietnam and has expanded its presence in India through VinFast with an assembly plant in Tamil Nadu.
Cong Trung
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