Congo’s President and Prime Minister Discuss Collaboration with Vingroup

The Congolese Government trusts in Vingroup’s strengths

Recently, in Congo, the Kinshasa Capital Authority (Democratic Republic of the Congo) and Vingroup signed a Memorandum of Understanding (MoU) to collaborate on researching and developing large-scale urban and green transportation projects in Congo.

The event garnered significant attention from Congolese media. As part of the event, local press also reported that President Félix Tshisekedi and Prime Minister Judith Suminwa met with Vingroup Vice Chairwoman Lê Thị Thu Thủy and her delegation in Kinshasa. “This meeting marks a significant step forward in the partnership between the Congolese Government and one of Vietnam’s leading private economic groups, opening up prospects for implementing key projects under Prime Minister Suminwa’s Action Program,” emphasized the Congolese media.

During the meeting, Prime Minister Suminwa highly praised Vingroup’s comprehensive capabilities, sustainable development vision, and international experience. She expressed strong support for the group’s proposed collaborations. She affirmed that the Congolese Government values partnerships with the private sector and international investors to create mutually beneficial models, enhancing the quality of life for Congolese citizens.

Under the agreement, Vingroup will develop a 6,300-hectare megacity on the southern bank of the Congo River, described as the “expanded heart” of Kinshasa. The project includes residential areas, villas, high-rise buildings, hospitals, schools, shopping centers, entertainment zones, and a national administrative complex—a “city within a city” symbolizing modern African urbanism.

The Kinshasa government has granted Vingroup land free of charge, demonstrating trust in the Vietnamese group’s capabilities and reputation. The partnership aims not only at real estate development but also at establishing a new living standard centered around sustainability and human-centric development—an area where Vingroup has successfully implemented in Vietnam.

Within this ecosystem, VinFast will play a pivotal role in Kinshasa’s green transportation transition. VinFast plans to supply vehicles for Kinshasa’s initiative to replace over 300,000 fossil fuel vehicles with electric ones. Additionally, VinFast will explore providing electric buses and support the construction and operation of a Bus Rapid Transit (BRT) system.

The city has also committed to allocating substantial land for modern charging stations, laying the foundation for Central Africa’s first smoke-free transportation network.

A Milestone Affirming Vietnamese Enterprises’ Role

Experts view Vingroup’s partnership in Africa as a strategic move, as Congo is considered a “golden destination” for foreign investment with the region’s highest growth potential.

Three decades ago, the Democratic Republic of the Congo (DRC) was nearly absent from the international investment map. In the 1990s, FDI was almost non-existent, even negative. However, entering the 21st century, Congo has staged a remarkable comeback.

From $1.81 billion in 2007, FDI in Congo nearly doubled to $2.94 billion in 2010 and reached $3.31 billion in 2012. Despite global economic fluctuations, Congo continues to attract robust foreign investment, maintaining its position as the second-largest FDI recipient in Central Africa and ranking among the top 10 in Africa, underscoring its stable and sustainable appeal.

Congo, known as the world’s mineral treasure trove, boasts strategic resources like cobalt, copper, coltan, diamonds, and gold—essential for 21st-century industries, including battery production, semiconductors, renewable energy, electric vehicles, and artificial intelligence. Beyond mining, investors are expanding into telecommunications, renewable energy, consumer goods manufacturing, construction, and high-tech agriculture.

Economically, Congo is a regional standout. It ranks as the third-fastest growing economy on the continent, with an impressive 8.9% growth rate in 2022 and a sustained 7.8% in 2023.

Since 2022, international financial markets have recognized Congo’s progress. Standard & Poor’s upgraded the country from “CCC+, positive outlook” to “B-, stable outlook,” while Moody’s raised it from “B3, stable outlook” to “B3, positive outlook.”

Another positive development, according to observers, is President Félix Tshisekedi’s comprehensive reform agenda, focusing on macroeconomic stability, transparent public financial management, and an improved legal framework for the private sector.

Congo’s transformation has raised expectations for its partnership with Vingroup. With a leading private group like Vingroup, Congo not only gains foreign investment but also a partner committed to people-centric and sustainable development.

For Vingroup, the strategic move into Congo marks a new milestone in its global expansion, solidifying Vietnamese enterprises’ growing role in international cooperation.