Vietnam’s Vingroup has signed a Memorandum of Understanding (MoU) with Uzbekistan’s Ministry of Investment, Industry and Trade, marking a major step toward expanding bilateral economic cooperation and launching multi-sector investment projects in the country.
The agreement opens long-term investment opportunities for the Vietnamese conglomerate in Central Asia and strengthens economic ties between Vietnam and Uzbekistan, The Caspian Post reports via Uzbek media.
The signing ceremony was attended by Uzbekistan’s Deputy Minister of Investment, Industry and Trade Ilzat Kasimov and Vingroup Vice Chairman and CEO Nguyen Viet Quang.
Under the MoU, the two sides agreed to jointly explore and develop strategic cooperation opportunities in urban development, sustainable transport, tourism, leisure infrastructure, and other investment projects aligned with Uzbekistan’s development priorities.
Urban development: Uzbekistan is prepared to allocate around 1,000 hectares of land in a priority area of Tashkent for the creation of a large integrated urban complex. The project envisions residential neighborhoods, commercial and cultural zones, public facilities, and the establishment of a “Vietnam Town” - a modern district designed to promote cultural exchange and economic cooperation.
Sustainable transport: Vingroup proposed introducing electric taxis and urban mobility services based on VinFast electric vehicles, including the development of charging infrastructure. The initiative is expected to support Uzbekistan’s green transition and improve the quality of transport services in major cities.
Tourism and leisure infrastructure: The parties are also considering the creation of an integrated tourism and recreational hub featuring hotels, entertainment facilities, golf courses, and related infrastructure to unlock the country’s tourism potential.
The Uzbek government pledged to support Vingroup on regulatory issues, land allocation, licensing, and coordination with local authorities. In turn, Vingroup will prepare concept proposals, feasibility studies, and engage companies from its corporate ecosystem to implement the projects.
“We welcome Vingroup’s interest in cooperation. The company is a strategic partner for jointly exploring and implementing investment initiatives that align with Uzbekistan’s socio-economic priorities,” Kasimov said.
Nguyen Viet Quang noted that Uzbekistan is a high-potential market. “Through this memorandum, Vingroup aims to explore cooperation opportunities and develop urban areas, sustainable transport, and projects that bring tangible benefits to local communities,” he said.
The implementation of the MoU is expected to create favorable conditions for long-term economic growth, attract investment, and strengthen Uzbekistan’s position as a key investment hub in Central Asia.
