October 2024 witnessed the launch of Vietnamese EV carmaker Vinfast in the Middle East. Vinfast is the automotive subsidiary of Vingroup – one of Vietnam’s largest conglomerates, and the same month saw both Vinfast and Vingroup sign multiple Memoranda of Understanding (MOUs) with leading partners in the Middle East whilst having Vietnamese Prime Minister Pham Minh Chinh in attendance.
Vingroup signed MOUs with three Middle East partners: AD Ports Group – one of the UAE’s leading port management and logistics development companies, NMDC – a leader in coastal infrastructure and coastal protection, and Benya Technologies – a renowned provider of ICT infrastructure and digital solutions in the MENA region.
Vingroup and AD Ports Group will collaborate to advance the maritime logistics aspect as the former will be tasked to assess opportunities towards the joint development of shipyard building capabilities, logistics ecosystems, and seaport operation. AD Ports Group will manage the operational aspects comprising building connections with international customers to advance logistics modernization and manufacturing in Vietnam.
Vingroup and NMDC will collaborate towards explorations of sustainable coastal land development in various areas such as large-scale coastal reclamation for industrial and real estate purposes and sustainable coastal protection for high-end real estate. While Vingroup will lead the development of high-end real estate and urban projects, NMDC will provide advanced technical solutions to enhance sustainability and ensure the marine ecosystem isn’t affected. Once operational, these projects are expected to create local jobs and contribute significantly to Vietnam’s coastal tourism.
Vingroup and Binaya Technologies will come together to assess the feasibility and develop plans for several projects, including a hyper-scale data centre and related technical, power, and water treatment infrastructure. These digital projects are estimated to attract investments of $ 3.5 billion with the hyper-scale data centre project projected to reach a 300MW capacity to meet both domestic and international digital infrastructure needs.
Additionally, the automotive division VinFast brokered an alliance with Abu Dhabi’s leading driver training and road safety institute Emirates Driving Company (EDC). Under the agreement, EDC will invest in Vinfast with the Vietnamese carmaker further benefiting from EDC’s expertise in driver training and road safety along with the development of a comprehensive electric vehicle ecosystem.
Ms. Le Thi Thu Thuy, Vice Chairwoman of Vingroup, shared, “Our partnerships with strategic Middle Eastern partners will open major opportunities for Vingroup and VinFast to promote technology, infrastructure, and green economy development in Vietnam, while building a solid foundation for international expansion. We believe that the strength of Vingroup’s ecosystem and our deep local insight, combined with the experience of our partners, will lead to the success of these projects, actively contributing to sustainable development, infrastructure modernization, and improved quality of life for Vietnamese people.”
