Vingroup (VIC) Signs Uzbekistan MOU for 1,000ha 'Vietnam Town' in Tashkent

Overview

Vingroup (HOSE: VIC) announced on 25/12/2025 that it signed a Memorandum of Understanding with the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan to explore multi-sector investment in the Central Asian country. The centrepiece is a roughly 1,000ha urban complex named “Vietnam Town” in Tashkent, which the Uzbek side has offered for Vingroup to study and develop. The MOU is a feasibility-stage framework, not a committed capital allocation.

Key Facts

• MOU signed and announced on 25/12/2025 between Tập đoàn Vingroup and Uzbekistan’s Ministry of Investment, Industry and Trade.
• Uzbekistan is prepared to allocate approximately 1,000ha at a prime location in Tashkent for the “Vietnam Town” complex.
• The planned development covers residential, commercial, utility, public works and synchronised urban infrastructure.
• Vingroup proposed electric taxi and urban passenger transport using VinFast vehicles, including charging stations and support services.
• Tourism cooperation under review covers integrated resorts with hotels, entertainment areas, golf and supporting infrastructure.
• The ministry committed to supporting land access, legal procedures, investment incentives and coordination with local agencies.
• No investment value, construction timeline or financing structure was disclosed in the announcement.

What Happened

According to the company’s announcement, Vingroup signed the MOU with Uzbekistan’s Ministry of Investment, Industry and Trade, opening a multi-sector investment channel in the Central Asian market. The most concrete element is the Uzbek government’s willingness to set aside around 1,000ha in a prime part of Tashkent for Vingroup to research, propose and develop a large-scale urban complex branded “Vietnam Town”, comprising residential areas, commercial space, amenities, public buildings and a synchronised urban infrastructure system.

Beyond real estate, the two sides will study cooperation in sustainable transport and tourism. Vingroup proposed deploying electric taxi and urban passenger transport services using VinFast vehicles, together with a charging-station network and supporting services to promote green mobility in Uzbekistan’s major cities. In tourism, the parties will assess integrated resort complexes including hotels, entertainment zones, golf and coordinated tourism infrastructure. Under the MOU, the Uzbek ministry committed to supporting Vingroup on land access, legal completion, investment incentives and coordination with local authorities, while Vingroup will conduct feasibility studies, propose development plans and mobilise suitable member companies from its ecosystem.

Market Context

VIC closed at VND 238,000 on 5 November 2026 on HOSE, according to the price context provided. The stock has been a focal point of the Vietnamese real estate and conglomerate segment, where large-cap developers have increasingly looked abroad for growth as domestic land clearance and credit conditions remain slow. Uzbekistan is a frontier market for Vietnamese corporates; Tashkent is the country’s political, economic and cultural centre and its main hub for trade, finance, services and transport, with rising urbanisation and infrastructure demand. The announcement is an early-stage MOU and does not alter VIC’s near-term earnings base.

Strategic Significance

The thesis here is optionality rather than near-term earnings. Vingroup has been building an ecosystem model in which real estate, VinFast electric vehicles, charging infrastructure and hospitality reinforce one another, and an overseas “Vietnam Town” would export that template to a market with government-backed land access. For long-term holders, the key question is whether Vingroup can convert a state-level MOU into a bankable project with clear incentives, land title and financing, and whether VinFast’s EV taxi and charging proposal becomes a beachhead for vehicle sales in Central Asia. The absence of disclosed capital commitments means the MOU carries limited balance-sheet risk today, but also limited visibility on returns.

What to Watch

• Any Vingroup filing or press release disclosing a feasibility study result, investment value or project timeline for “Vietnam Town”.
• Follow-on agreements with Uzbek authorities on land allocation, investment incentives or legal approvals.
• VinFast announcements on EV taxi pilots or charging-station deployment in Tashkent.
• VIC’s quarterly disclosures on overseas investment and capital allocation.
• Uzbekistan government statements or tender notices confirming the 1,000ha site and development terms.