Vingroup – Maharashtra sign USD 6.5 Billion MOU to accelerate EV mobility and urban expansion

Vietnam’s largest private conglomerate, Vingroup, has announced the signing of a Memorandum of Understanding (MOU) with the Government of Maharashtra, establishing a comprehensive framework to explore strategic investments across multiple high-impact sectors. The agreement signals a significant step forward in Vingroup’s long-term India strategy, reinforcing its commitment to building an integrated multi-sector ecosystem in one of the country’s most economically dynamic regions.

Under the terms of 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 jointly explore investment opportunities across the Mumbai Metropolitan Region (MMR) and the wider state. The proposed investments are estimated at approximately USD 6.5 billion and span integrated urban townships, electric mobility solutions, renewable energy, and social as well as public infrastructure.

A substantial portion of the proposed investment, approximately USD 5 billion, is earmarked for urban development. Vingroup will explore the creation of integrated townships across nearly 1,000 hectares, encompassing residential, commercial, education, healthcare, and lifestyle amenities. These developments are expected to emerge as new growth hubs around Mumbai, including within evolving corridors such as Mumbai 3.0.

In the mobility space, Vingroup—through GSM India—plans to introduce a large-scale electric taxi fleet alongside a mobility-as-a-service platform. Targeting a deployment of around 60,000 electric vehicles, the initiative carries an estimated investment of USD 1.5 billion. Beyond strengthening sustainable transport infrastructure, the project is expected to generate tens of thousands of jobs over the next three to five years, while accelerating Maharashtra’s transition towards greener mobility solutions.

The Group is also evaluating opportunities in renewable energy through VinEnergo, aligning its plans with India’s broader energy transition goals and net-zero ambitions.

Complementing these initiatives, Vingroup will leverage its ecosystem of member companies—including Vinschool, Vinmec, and Vinpearl—to explore projects across education, healthcare, public electric bus transport, and tourism. These efforts are aimed at establishing a holistic ecosystem that integrates essential services with infrastructure development.

On the government’s part, Maharashtra and MMRDA have committed to supporting Vingroup through land identification, project planning, facilitation of statutory approvals, infrastructure connectivity, and consideration of applicable incentives in line with prevailing regulations. This collaborative approach is expected to streamline the exploration and eventual implementation of the proposed projects.

The agreement further consolidates Vingroup’s footprint in India, building on its existing partnerships with Telangana and Tamil Nadu, and opening new avenues for execution in its next phase of expansion. It also enhances investment connectivity and infrastructure development within the Mumbai Metropolitan Region, a key driver of India’s economic growth.

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 exceeding 130 million, Maharashtra remains India’s largest state economy, contributing approximately 14 per cent to the national GDP. The Mumbai Metropolitan Region continues to evolve into a global economic powerhouse, supported by a robust pipeline of infrastructure and urban development projects.

Vingroup, which operates across six core pillars—Industrials & Technology, Real Estate & Services, Infrastructure, Green Energy, Culture, and Social Enterprises—continues to expand its international footprint, with India identified as a key strategic market.

In parallel, VinFast, the Group’s global electric vehicle arm, is advancing its presence in India through the development of a comprehensive EV ecosystem. Alongside existing agreements with Telangana and Tamil Nadu, this latest development reflects Vingroup’s structured and sustained investment approach, while strengthening economic ties between India and Vietnam and paving the way for future large-scale collaborations.