Vingroup Expands into India: Plans for Smart Cities, Real Estate, and Green Energy
One of Vietnam's top conglomerates, Vingroup JSC, is keen to expand into multiple business sectors in India, including real estate, hospitality, and green energy. The group's automobile company, VinFast, officially entered the Indian market by launching two electric SUVs on Saturday.
“We have come here not just to sell cars. We come here to give you everything. Behind Vinfast, there is Vingroup and Vingroup wants to bring the whole ecosystem to India. Even if we don’t sell the 50,000 cars, it's no issue for us. We want to be here for the long run,” VinFast Asia CEO Pham Sanh Chau stated.
Chau further revealed that Vingroup plans to build a 2,000-acre smart city in India. The group is currently in talks with the state governments of Andhra Pradesh, Telangana, and Tamil Nadu to make this vision a reality.
“We have been having discussions with CM Naidu of Andhra Pradesh. We want to meet him again. We are also in discussion with the Telangana government. We are also in talks with CM Stalin of Tamil Nadu,” Chau said. He emphasized the importance of government policies and necessary clearances to keep pace with the business.
Investing capital is not an issue for the group, as Vingroup is the largest conglomerate in Vietnam, akin to the combination of Tata, Reliance, and Infosys in India. The group operates 47 luxury resorts and is now looking to enter the hospitality segment in India.
Vingroup is a major Vietnamese conglomerate operating in Technology & Industry (VinFast, VinTech), Real Estate (Vinhomes, VinPearl), and Services (VinMec healthcare, VinSchool, VinUniversity). Founded by Pham Nhat Vuong, the company has expanded from real estate into technology, automotive (VinFast), retail, hospitality, and other segments.
In the automotive market, VinFast is working on e-buses and electric two-wheelers. “We are working on e-buses, two-wheelers... we are working with different states to get the orders and we are in the process of converting them from left-hand drive to right-hand drive,” Chau added.
On Saturday, the company introduced the VF 6 and VF 7 at an introductory price of Rs 16.49 lakh and Rs 20.89 lakh, respectively. VinFast has high hopes from the Indian market and is in the process of spending $500 million on its Tamil Nadu plant. This investment is part of a larger $2 billion commitment to India. The Tamil Nadu facility has an initial production capacity of 50,000 EVs annually, which will be increased to 150,000 units in the second phase and 300,000 over the long term.
Vingroup's ambitious plans in India reflect its commitment to sustainable development and technological innovation, positioning it as a key player in the country's growing economy.
