Pham Nhat Vuong to invest $6.5 billion in India's wealthiest state, develop a 1,000-hectare urban area and operate 60,000 electric taxis

On April 10, 2026, Vingroup announced the signing of a Memorandum of Understanding (MOU) with the Government of Maharashtra state, India, with a projected total investment of about $6.5 billion. Under the agreement, Vingroup and the state of Maharashtra, through the Mumbai Metropolitan Region Development Authority (MMRDA) and the state Department of Industry, will cooperate to study opportunities for large-scale investments in the Mumbai Metropolitan Region (MMR) and across the state of Maharashtra, with a projected total value of about $6.5 billion, focusing on urban development, green transportation, renewable energy, and social infrastructure. Specifically, in urban development, Vingroup will study deploying integrated urban districts spanning about 1,000 hectares, including housing, commercial, educational, health facilities, and other amenities. The total investment is estimated at about $5 billion, aimed at forming new development centers in the Mumbai area, including high-potential areas such as Mumbai 3.0. In the field of green transportation, Vingroup through the Indian subsidiary GSM proposes deploying an electric taxi fleet of about 60,000 vehicles, combined with a smart mobility service platform, to serve the city of Mumbai and the state of Maharashtra more broadly. With a total investment of about $1.5 billion, this plan is expected to create tens of thousands of jobs within 3-5 years and contribute to the greening of transport in the state. In the energy sector, Vingroup through VinEnergo will study large-scale renewable energy investment opportunities, aligned with India’s energy transition roadmap and its net-zero emission goals. Simultaneously, through subsidiary companies such as Vinschool, Vinmec, Vinpearl, Vingroup will study social infrastructure projects in education, healthcare, and tourism services, contributing to a multi-sector ecosystem locally. On the government side, the state of Maharashtra and MMRDA will assist Vingroup in identifying land, planning projects, streamlining legal procedures, providing connected infrastructure, and considering incentives under current regulations to facilitate the research and implementation process. With a population of more than 130 million, Maharashtra is the largest economy among Indian states, contributing about 14% of national GDP. The Mumbai Metropolitan Region area is being directed to become a global economic hub with numerous large-scale infrastructure and urban projects. Here, Vingroup has signed MOUs with the states of Telangana and Tamil Nadu to promote cross-sector investment opportunities. Meanwhile, VinFast – a member of Vingroup – is expanding its presence in India through building a comprehensive electric-vehicle ecosystem.