Vingroup (stock code: VIC) has announced a board resolution to establish a subsidiary in the Democratic Republic of the Congo, named Vingroup DRC Holding S.A.R.L.
The company aims to explore market opportunities and pursue investments in real estate, electric vehicles, and other sectors within Vingroup’s ecosystem.
Vingroup is investing $28 million, following a registered investment schedule with Vietnamese authorities.
Previously, on October 25th, Kinshasa City authorities and Vingroup signed a Memorandum of Understanding to collaborate on large-scale urban and green transportation projects.
This partnership focuses on developing a 6,300-hectare riverside megacity, converting over 300,000 gasoline vehicles to electric, establishing an electric bus system, and building charging infrastructure.
The megacity project is part of Kinshasa’s expansion plan, located between the southern bank of the Congo River and N’djii International Airport. It will include residential areas, villas, apartments, hospitals, schools, shopping centers, hotels, entertainment zones, and future government offices.
The project aims to create a modern urban center, enhance living standards, transform Kinshasa’s cityscape, and become a new tourism and development symbol. Notably, Congo is providing land free of charge for Vingroup’s development.
Additionally, Congo and Vingroup are expanding their green transportation collaboration. This includes developing electric bus and taxi systems, and charging stations operated by VinFast and GSM.
Vingroup will supply VinFast electric buses and support the construction and operation of a Bus Rapid Transit (BRT) system. VinFast will gradually replace over 300,000 fossil fuel vehicles in Kinshasa with its electric models.
Ms. Lê Thị Thu Thủy, Vice Chairwoman of Vingroup, expressed enthusiasm for partnering with Kinshasa to improve residents’ quality of life. With its experience in developing international-scale megacities and electric mobility networks, Vingroup is confident in contributing to Kinshasa’s and Congo’s sustainable urban transformation.
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