Hanoi (VNA) – Vingroup has announced the signing of a Memorandum of Understanding (MoU) with the Government of Telangana at the Telangana Rising Global Summit for a proposed investment of 3 billion USD, to be implemented in a phased manner for developing a multi-sector ecosystem in the state.
According to a release by the Vietnamese private conglomerate, under the MoU, both parties will collaborate to explore strategic opportunities across key sectors such as smart urban development, electric mobility solutions, healthcare, education, tourism, renewable energy, charging infrastructure across approximately 2,500 hectares, as well as electric taxi services.
In electric mobility, Vingroup proposes to introduce India’s first large-scale electric taxi fleet and mobility-as-a-service platform using VinFast vehicles through GSM in Telangana, and may explore potential opportunities associated with EV manufacturing initiatives in the future.
In urban development, Vingroup plans to develop the Vinhomes Smart City mega urban area designed for approximately 200,000 residents on a 1,080-hectare site. The project is expected to generate around 10,000 jobs and will feature a balanced mix of low-rise and high-rise developments, international-standard amenities, a limited built-up footprint, and sustainable urban planning principles.
In social infrastructure, the group proposes to develop essential facilities on a planned land area of approximately 70 hectares, including Vinschool’s integrated education system, Vinmec hospitals and the V-Green electric vehicle charging network.
In tourism and entertainment, Vingroup through VinWonders aims to develop an integrated complex that includes a theme park, zoo, and safari across approximately 350 hectares.
In renewable energy, Vingroup through VinEnergo proposes to invest in a 500 MW solar farm over an area of approximately 500 hectares to provide a stable source of green electricity for urban areas, industrial zones and the entire electrified mobility ecosystem.
In addition to these initiatives, the company also proposes to participate in the development of strategic connectivity infrastructure to strengthen regional linkages and enhance the capacity for urban spatial development.
Telangana commits to supporting the identification and facilitation of land allocation for each project, coordinating in master planning and project structuring, assisting with administrative procedures and mobilising relevant agencies to prepare the necessary connecting infrastructure. The state government will also consider the application of incentives in line with existing policies and will work closely with the Vietnamese conglomerate throughout the research and implementation stages to ensure project progress and effectiveness./.
Vingroup applies for international bond sale
Vingroup plans to issue a maximum of 1,625 bonds with a face value of 200,000 USD per bond. The total expected issuance value is 325 million USD.
