HANOI, Vietnam (AP) — Vietnam’s biggest conglomerate, Vingroup, is moving into global markets as business at home slows, planning nearly two dozen projects in at least 15 countries, from a “Vietnam Town” in Uzbekistan to smart cities in India and a riverfront development in Congo. Profits from Vingroup’s flagship real estate business have long funded its investments in diverse industries including automaking and technology. But Vietnam’s once sizzling property market is cooling, while its electric vehicle company VinFast is losing money. As opportunities for large developments at home become harder to find, Vingroup, Vietnam’s largest privately owned company, is looking overseas to generate the money needed to fund its ambitions in EVs, artificial intelligence and robotics, industries central to Vietnam’s goal of becoming Asia’s next tiger economy.
In Uzbekistan, Vingroup signed an agreement in December to build a “Vietnam Town” in its capital, the ancient Silk Road city of Tashkent. In Central Asia’s largest metropolis, it envisions a development modeled on its signature projects in Vietnam, combining homes, shopping centers, schools, hospitals and EV charging stations. Other projects include tourism ventures like a zoo in India and smart-city projects in Africa and plans to develop motors and moving parts needed for robots in Germany.
