VINGROUP, VINFAST SIGN STRATEGIC PARTNERSHIPS WITH FOUR MAJOR PARTNERS IN THE MIDDLE EAST
Dubai, October 29, 2024
During an official visit to the United Arab Emirates (UAE), Vietnamese Prime Minister Pham Minh Chinh witnessed the signing of Memoranda of Understanding (MOUs) between Vingroup, VinFast, and leading partners in the Middle East. These MOUs cover strategic areas, including maritime development and shipyard building capabilities, sustainable coastal land utilization, digital transformation, and collaboration in electric vehicles and green transportation. The simultaneous signing between Vingroup, VinFast, and the four leading corporations not only fosters business connections between Vietnam and the UAE, but also reaffirms Vingroup’s established capabilities and position in the former’s key investment sectors.
In the presence of Prime Minister Pham Minh Chinh at the Vietnam-UAE Business Forum, Vingroup signed MOUs with three partners: AD Ports Group, NMDC, and Benya Technologies, while VinFast signed an MOU with Emirates Driving Company (EDC). The partnerships will focus on four strategic areas.
In maritime logistics, AD Ports Group, one of the leading port management and logistics development companies in the UAE, will investigate opportunities to collaborate with Vingroup in the joint development of shipyard building capabilities, logistics ecosystems, and seaport operations. This partnership aims to advance logistics modernization and manufacturing in Vietnam.
Under the MOU, Vingroup will assess which potential projects could be secured for development, where it could oversee construction, provide essential infrastructure, and engage with local partners. Meanwhile, AD Ports Group will manage the operational aspects of the projects, while connecting with international customers.
For sustainable coastal land development, Vingroup and NMDC, a leader in coastal infrastructure and coastal protection, will explore cooperation in various areas, such as a project to reclaim 150 million cubic meters of coastal land for urban development, large-scale coastal reclamation for industrial and real estate purposes, sustainable coastal protection for high-end real estate, and other coastal-related projects.
Vingroup will take the lead in developing high-end real estate and urban projects, while NMDC will provide advanced technical solutions to enhance sustainability and minimize the impact on marine ecosystems.
Once operational, these projects are expected to create thousands of local jobs, boost economic development in coastal areas, and contribute significantly to Vietnam’s coastal tourism and services sectors.
In digital transformation, Vingroup and Benya Technologies, representing a group of investors from the Middle East and Africa exploring investment opportunities in Vietnam, will assess feasibility and develop plans for several projects, including a hyper-scale data center and related technical, power, and water treatment infrastructure. The total investment is estimated at $3.5 billion.
The hyper-scale data center project will be developed in three phases, reaching an estimated capacity of 300 MW, with the aim of meeting both domestic and international digital infrastructure needs and contributing to local social and economic development.
Additionally, VinFast, a subsidiary of Vingroup, signed an MOU with Emirates Driving Company (EDC), Abu Dhabi’s leading driver training and road safety institute, with a focus on electric vehicles, driver training in Vietnam, and investment to support Abu Dhabi’s industrial sector.
Under this agreement, EDC will lead a consortium investing in VinFast. In addition to gaining access to funding, VinFast will benefit from EDC’s expertise in driver training and road safety, supporting the development of a comprehensive electric vehicle ecosystem.
This partnership aims to enhance global electric vehicle production, meet the growing demand for green transportation, increase road safety awareness, and reaffirm EDC’s commitment to contributing to the Middle East’s green transportation revolution, addressing environmental and climate challenges.
The four areas in which Vingroup and VinFast signed MOUs with leading UAE corporations are based on Vietnam’s inherent advantage, which lies in its marine economy, while maximizing Vingroup’s proven strengths in urban development, tourism, service logistics, technology, and industry. These favorable conditions for cooperation provide a solid foundation for the future success of these MOUs, helping to ensure a lasting connection between businesses from both nations.
