The signing ceremony was attended by Mr. Le Quang Bien, Consulate General of Vietnam in Mumbai, along with senior officials from MMRDA and the Government of Maharashtra
Mumbai, Maharashtra, India: Vingroup announced the signing of a Memorandum of Understanding (MOU) with the Government of Maharashtra, establishing a collaborative framework to explore strategic investments across key sectors. The agreement marks a further step in Vingroup’s roadmap to expand its integrated multi-sector ecosystem in India, underscoring its long-term investment commitment and consistent development strategy in the country.
Under the MOU, Vingroup and the State of Maharashtra, acting through the Mumbai Metropolitan Region Development Authority (MMRDA) and the Department of Industries, Government of Maharashtra (DoI-GoM), will establish a broad collaborative framework to explore investments across multiple sectors in the Mumbai Metropolitan Region (MMR) and broader Maharashtra, amounting to approximately USD 6.5 billion, including integrated urban townships, electric mobility solutions, renewable energy, and social and public infrastructure.
In urban development, Vingroup will explore the development of integrated urban townships spanning approximately 1,000 hectares, comprising residential, commercial, education, healthcare, and integrated amenity components. The total estimated investment is around USD 5 billion, aimed at creating new growth centers in the vicinity of Mumbai, including emerging growth zones such as Mumbai 3.0.
In electric mobility, Vingroup, through GSM India, proposes to deploy a large-scale electric taxi fleet and mobility-as-a-service platform, targeting approximately 60,000 electric vehicles to serve Mumbai and broader Maharashtra. With an estimated investment of approximately USD 1.5 billion, the initiative is expected to create tens of thousands of jobs over the next three to five years, while accelerating the transition to greener mobility across the State.
In energy, Vingroup, through VinEnergo, will explore opportunities for large-scale renewable energy investments, in alignment with India’s energy transition roadmap and net-zero emissions targets.
In parallel, through its member companies such as Vinschool, Vinmec, and Vinpearl, Vingroup will explore the development of social and public infrastructure projects across education, healthcare, public electric bus transportation, and tourism services, contributing to the completion of its integrated ecosystem in the local market.
On the government side, the State of Maharashtra and MMRDA will support Vingroup in land identification, project planning, facilitation of statutory approvals, provision of connectivity infrastructure, and consideration of applicable incentives in accordance with prevailing regulations, to enable the exploration and implementation of the proposed investments.
The MOU with Maharashtra further strengthens Vingroup’s footprint in India, expanding its network of partnerships across key states and creating additional headroom for implementation in the next phase. The agreement also contributes to enhancing investment connectivity and infrastructure development in one of India’s most dynamic economic centers.
Mr. Pham Sanh Chau, CEO of Vingroup Asia, said, “The signing of this MOU with Maharashtra marks another step in the well-defined and long-term strategy of Vingroup in India. Following Telangana and Tamil Nadu, we are progressively expanding our presence in key economic hubs, with the goal of building a fully integrated multi-sector ecosystem spanning urban development, service infrastructure, electric mobility, and green energy. We look forward to partnering with forward-looking localities to deliver meaningful socio-economic value for communities.”
Mr. Devendra Fadnavis, Chief Minister of Maharashtra, said, “This MOU marks a landmark moment in Maharashtra’s development journey. The scale and scope of the proposed investments by Vingroup will significantly enhance our urban infrastructure, boost sustainable mobility, and create large-scale employment opportunities. Maharashtra remains committed to fostering a business-friendly ecosystem and welcomes global partners to participate in our growth story.”
With a population of over 130 million, Maharashtra is India’s largest state economy, contributing approximately 14% of the national GDP. The Mumbai Metropolitan Region is being developed into a global economic hub, supported by a pipeline of large-scale urban and infrastructure projects.
Vingroup is Vietnam’s largest private conglomerate, operating across six core pillars: Industrials & Technology, Real Estate & Services, Infrastructure, Green Energy, Culture, and Social Enterprises, with the vision “To create a better life for people.” Building on its proven capabilities and scale, the Group is expanding its presence across international markets, with India as a top strategic priority.
In India, Vingroup has established cooperation agreements with the States of Telangana and Tamil Nadu to facilitate the exploration of multi-sector investment opportunities. In parallel, VinFast, the Group’s global electric vehicle brand, is expanding its footprint through the development of a comprehensive EV ecosystem. This series of initiatives and partnerships reflects Vingroup’s structured, consistent, and long-term investment strategy, while also strengthening economic connectivity between Vietnam and India and laying the groundwork for large-scale collaborations in the future.
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