Vietnamese business juggernaut Vingroup might attract over $1 billion in capital for its EV maker VinFast and entertainment unit Vinpearl from a Qatar investor.
The company said on Tuesday that it has inked a memorandum of understanding (MoU) with JTA Investment Qatar, under which the latter will explore an equity investment of at least $1 billion in VinFast, as well as in five-star hotels, resorts and amusement park clusters owned by Vinpearl.
The partnership will also entail strategic collaboration to support VinFast’s global expansion and technological development, according to the statement.
The duo will look at establishing joint ventures to expand and enhance Vinpearl’s service offerings.
“By leveraging our expertise and resources within the energy, technology, infrastructure, and tourism sectors, we are thrilled to contribute to the advancement of Vingroup’s strategic objectives and promising business areas, with a particular emphasis on VinFast and Vinpearl,” said Amir Ali Salemi, Founder and CEO of JTA Investment Qatar.
Before the MoU with Vingroup, the Doha-headquartered firm reached a partnership with Vietnam-based T&T Group to develop a $4.5 billion sports and entertainment complex in Hanoi.
In Southeast Asia, JTA Investment Qatar has also invested in Nikoil Indonesia, and real estate projects IBN Highlands City, UPD Bukit Bintang, and Green City in Malaysia.
VinFast launched in the Middle East last October, when the company secured at least $1 billion in commitments from a consortium of investors led by Abu Dhabi’s driver training and road safety institute Emirates Driving Company.
Its billionaire founder Pham Nhat Vuong and Vingroup also pledged to continue to support the business with combined 85 trillion dong ($3.35 billion) in capital.
VinFast, which listed on the Nasdaq in 2023, currently commands a market capitalisation of about $8.3 billion.
Vingroup’s operations span real estate, healthcare, education and technology. It recently sold its AI unit VinBrain to Nvidia, while resuming its venture capital activity.
