VinGroup

Vietnamese conglomerate Vingroup has inked a memorandum of understanding (MOU) with global investment firm JTA Investment Qatar for potential equity investment of $1 billion in VinFast, the electric vehicle (EV) firm founded by Vingroup.

Vingroup plans to lend VinFast up to 35 trillion Vietnamese dong ($1.4 billion) by the end of 2026, the company said in a statement on Tuesday. Additionally, Vuong has personally pledged 50 trillion dong ($2.1 billion) in sponsorship.

The primary investment focus of VinVentures includes Artificial Intelligence (AI), Semiconductors, and Cloud Computing, as well as other high-tech products.

Vietnam’s largest private conglomerate Vingroup is said to be working towards selling its stakes in AI firms VinBrain and VinAI to global tech companies, Singapore-based media The Business Times reported on Wednesday, quoting three sources.

VinFast's VF 3 might be its smallest electric car yet, but it packs a giant punch. This mini-SUV has the potential to be a game-changer for the Vietnamese automaker. By disrupting the domestic market with its affordability and appeal, the VF 3 can become a significant force for VinFast's ongoing global expansion plans. 

VinFast will lead the way for Vingroup's investments in the Philippines in 2024, commencing with the establishment of a network of electric car and motorcycle dealerships.

Southeast Asia has a lot of potential with governments looking to boost EV adoption with aggressive targets, VinFast Chief Executive Officer Le Thi Thu Thuy said.

VinFast, formed and almost entirely controlled by Vietnam richest man Pham Nhat Vuong, also plans to invest around $1.2 billion in the Indonesian market in the long-term.

Vingroup Chairman Pham Nhat Vuong has on Monday announced the establishment of the Green and Smart Mobility Joint Stock Company (GSM), an entity dedicated to using VinFast electric cars and scooters for rental and taxi services.