Vingroup and the Telangana government have signed a memorandum of understanding (MoU) for a proposed $3 billion investment that will be implemented gradually to create a multi-sector ecosystem in the state.
With the overall goal of advancing the state’s socio-economic development and long-term growth vision, Vingroup said in a statement on Tuesday that under the MoU, both parties will work together to explore strategic opportunities across key sectors like smart urban development, electric mobility solutions, healthcare, education, tourism, renewable energy, charging infrastructure across roughly 2,500 hectares in Telangana, and electric taxi services.
This Memorandum of Understanding also represents an important turning point in Vingroup’s international growth and strengthens the reputation and competence of one of Vietnam’s top multi-sector companies on the global economic scene.
In terms of electric mobility, Vingroup plans to launch the first extensive fleet of electric taxis in India and a mobility-as-a-service platform utilizing VinFast vehicles via GSM in the State of Telangana. It may also look into future prospects related to EV manufacturing projects.
On a 1,080-hectare plot of land, Vingroup intends to build the Vinhomes Smart City mega urban area, which will house about 200,000 people.
With a balanced mix of low-rise and high-rise developments, international-standard amenities, a small built-up footprint, and sustainable urban planning principles, the project is anticipated to create about 10,000 jobs.
Vinschool’s integrated K–12 education system, Vinmec international-standard multi-specialty hospitals, and the V-Green electric vehicle charging network are among the social infrastructure facilities that the group plans to build on a planned land area of roughly 70 hectares.
In order to improve Telangana’s tourism infrastructure and generate a significant number of jobs, Vingroup through VinWonders plans to build an integrated complex that spans about 350 hectares and includes a theme park, zoo, and safari.
In order to provide a reliable source of green electricity for urban areas, industrial zones, and the entire electrified mobility ecosystem, Vingroup through VinEnergo plans to invest in a 500 MW solar farm covering an area of roughly 500 hectares.
To strengthen regional ties and increase the potential for urban spatial development, Vingroup also suggests taking part in the creation of strategic connectivity infrastructure.
Telangana’s government pledges to help identify and facilitate land allocation for each project, coordinate master planning and project structuring, support administrative processes, and mobilize pertinent agencies to set up the required connecting infrastructure.
