Vietnam’s Vingroup Eyes $6.5 Billion India Expansion with Maharashtra Pact

Mumbai— Vingroup has signed a memorandum of understanding with the government of Maharashtra to explore investments worth $6.5 billion across multiple sectors, marking a significant expansion of its footprint in India’s largest state economy.

The proposed investments will target urban development, electric mobility, renewable energy and public infrastructure, according to the agreement. The initiative is expected to support the creation of tens of thousands of jobs over the next three to five years, although timelines for capital deployment were not disclosed.

As part of the plan, Vingroup is evaluating the development of integrated townships spanning about 1,000 hectares near Mumbai, with a projected investment of roughly $5 billion.

In the electric mobility segment, the group aims to deploy a fleet of 60,000 electric taxis, representing an additional investment of around $1.5 billion.The move builds on Vingroup’s growing presence in India, where its electric vehicle unit VinFast already operates a manufacturing facility in Tamil Nadu and has announced plans for a $3 billion ecosystem in Telangana.

Maharashtra accounts for approximately 14% of India’s gross domestic product and hosts a strong automotive manufacturing base, including major domestic players such as Mahindra and Mahindra and Tata Motors.