Vingroup, VinFast sign strategic partnerships with four major partners in the Middle East
DUBAI, UAE – Media OutReach Newswire – 29 October 2024 - During an official visit to the United Arab Emirates (UAE), Vietnamese Prime Minister Pham Minh Chinh witnessed the signing of Memoranda of Understanding (MOUs) between Vingroup, VinFast, and leading partners in the Middle East.
These MOUs cover strategic areas, including maritime development and shipyard building capabilities, sustainable coastal land utilization, digital transformation, and collaboration in electric vehicles and green transportation. The simultaneous signing between Vingroup, VinFast, and the four leading corporations not only fosters business connections between Vietnam and the UAE, but also reaffirms Vingroup's established capabilities and position in the former's key investment sectors.
In the presence of Prime Minister Pham Minh Chinh at the Vietnam-UAE Business Forum, Vingroup signed MOUs with three partners: AD Ports Group, NMDC, and Benya Technologies, while VinFast signed an MOU with Emirates Driving Company (EDC). The partnerships will focus on four strategic areas.
In maritime logistics, AD Ports Group, one of the leading port management and logistics development companies in the UAE, will investigate opportunities to collaborate with Vingroup in the joint development of shipyard building capabilities, logistics ecosystems, and seaport operations. This partnership aims to advance logistics modernization and manufacturing in Vietnam.
Under the MOU, Vingroup will assess which potential projects could be secured for development, where it could oversee construction, provide essential infrastructure, and engage with local partners. Meanwhile, AD Ports Group will manage the operational aspects of the projects, while connecting with international customers.
For sustainable coastal land development, Vingroup and NMDC, a leader in coastal infrastructure and coastal protection, will explore cooperation in various areas, such as a project to reclaim 150 million cubic meters of coastal land for urban development, large-scale coastal reclamation for industrial and real estate purposes, sustainable coastal protection for high-end real estate, and other coastal-related projects.
Vingroup will take the lead in developing high-end real estate and urban projects, while NMDC will provide advanced technical solutions to enhance sustainability and minimize the impact on marine ecosystems.
Once operational, these projects are expected to create thousands of local jobs, boost economic development in coastal areas, and contribute significantly to Vietnam's coastal tourism and services sectors.
In digital transformation, Vingroup and Benya Technologies, representing a group of investors from the Middle East and Africa exploring investment opportunities in Vietnam, will assess feasibility and develop plans for several projects, including a hyper-scale data center and related technical, power, and water treatment infrastructure. The total investment is estimated at $3.5 billion.
The hyper-scale data center project will be developed in three phases, reaching an estimated capacity of 300 MW, with the aim of meeting both domestic and international digital infrastructure needs and contributing to local social and economic development.
Additionally, VinFast, a subsidiary of Vingroup, signed an MOU with Emirates Driving Company (EDC), Abu Dhabi's leading driver training and road safety institute, with a focus on electric vehicles, driver training in Vietnam, and investment to support Abu Dhabi's industrial sector.
Under this agreement, EDC will lead a consortium investing in VinFast. In addition to gaining access to funding, VinFast will benefit from EDC's expertise in driver training and road safety, supporting the development of a comprehensive electric vehicle ecosystem.
This partnership aims to enhance global electric vehicle production, meet the growing demand for green transportation, increase road safety awareness, and reaffirm EDC's commitment to contributing to the Middle East's green transportation revolution, addressing environmental and climate challenges.
The four areas in which Vingroup and VinFast signed MOUs with leading UAE corporations are based on Vietnam's inherent advantage, which lies in its marine economy, while maximizing Vingroup's proven strengths in urban development, tourism, service logistics, technology, and industry. These favorable conditions for cooperation provide a solid foundation for the future success of these MOUs, helping to ensure a lasting connection between businesses from both nations.
Remarks by the Companies' representatives
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."
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: "Vietnam is one of the fastest-growing economies in Asia, with GDP forecast to continue rising in the next few years. We are excited about the possibility of working with Vingroup to help modernise the nation's ports, maritime and logistics infrastructure, while boosting Vietnam's role as an international trade hub. Under the vision of our wise leadership, AD Ports Group looks forward to extending its activities into Southeast Asia and helping Vietnam improve its interconnectivity with the global trade ecosystem."
A representative from NMDC stated: "We are proud to collaborate with Vingroup on these strategic projects in Vietnam. With NMDC's extensive experience and capabilities in coastal reclamation and protection, we believe this partnership will create outstanding value for both parties while promoting sustainable environmental and community development in Vietnam."
Mr. Ahmed Mekky, Chairman and CEO of Benya Technologies, stated: "We are thrilled to partner with Vingroup to tap into the vast potential of the global big data and cloud computing markets. Vingroup's reputation and strong execution capabilities give us great confidence in this partnership. We believe that this collaboration will not only benefit both companies but also contribute significantly to the development of the digital economy in Vietnam and the region, creating lasting value for society and the community."
Mr. Khaled Al Shemeili, CEO of EDC, said: "EDC has accumulated more than two decades of experience in driving education and road safety, and sets the global benchmark for the industry through its commitment to innovation, research and development into best practices, and deep expertise. EDC now aspires to be a leader in the mobility sector as a whole and play a pivotal role in disrupting this industry, positioning itself at the forefront of smart mobility, vehicle electrification and autonomy. We recognise the immense potential of electric transportation worldwide, and we are particularly optimistic about VinFast's prospects in the Middle East."
Hashtag: #VinFast #EV #Vingroup
https://vinfast.com/
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About Vingroup
Established in 1993, Vingroup is one of the leading private conglomerates in the region and currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en.
About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: https://vinfastauto.com/en.
About AD Ports Group
Established in 2006, AD Ports Group today serves as one of the world's premier facilitators of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group's vertically integrated business approach has proven instrumental in driving the Emirate's economic development over the past decade.
Operating five business clusters covering Ports, Economic Cities & Free Zones, Maritime & Shipping, Logistics, and Digital, AD Ports Group's portfolio comprises 33 terminals, with a presence in over 50 countries, and more than 550 square kilometres of economic zones within KEZAD Group, the largest integrated trade, logistics, and industrial business grouping in the Middle East.
Find out more at: adportsgroup.com
About NMDC
NMDC Group is a top-ranking marine contractor and projects developer of large-scale marine and coastal infrastructure works and is specialized in providing innovative solutions for complex sustainable infrastructure or urban development projects as well as the construction of port and related industrial land projects and services.
About Emirates Driving Company (EDC)
Established in 2000, Emirates Driving Company (EDC) is Abu Dhabi's leading driver training and road safety institute. Driven by a desire to implement the best practices in driver training and road safety education across the emirate, it is on a mission to create safer roads by innovating, collaborating and investing in new technologies and smarter operating models.
A socially responsible company founded on the values of integrity and inclusivity, EDC has set a new standard in traffic safety and education in the Middle East.
EDC's state-of-the-art facility features the most advanced communication tools, control systems and cutting-edge techniques in the industry, and all its expert training is delivered to internationally recognised standards. For more information, visit www.edcad.ae
About Benya Technologies
Benya Technologies is a renowned provider of ICT infrastructure and digital solutions in Egypt and the broader Middle East and North Africa (MEA) region. Offering a wealth of products, services and digital solutions including telecommunication services, cloud, and security solutions, Benya empowers businesses and organizations to thrive in the digital age.
Leveraging cutting-edge technology and a deep understanding of industry needs, Benya Technologies has established itself as a trusted partner for both public and private sector organizations. Benya Group is dedicated to building a digitally united and smart MEA Region.
