Vietnam's Vingroup is in discussions with the Qatar Investment Fund to invest at least $1 billion in VinFast (VFS.US).

Vietnamese corporate group Vingroup announced on Tuesday that it has signed a memorandum of understanding with private equity fund JTA Investment Qatar to explore the possibility of investing at least $1 billion in the electric car manufacturer VinFast (VFS.US). Vingroup, the parent company of VinFast, stated that potential collaboration with Qatari investors could also extend to Vingroup's hotel business Vinpearl. According to the statement released by Vingroup, "Under the memorandum of understanding, the two companies will hold discussions to determine future collaborations in pursuit of mutual goals." VinFast is implementing an aggressive and costly expansion strategy in Vietnam, capitalizing on the growing market of nearly 100 million people. The company also aims to expand overseas but has struggled to attract foreign buyers so far. VinFast is scheduled to be listed on the Nasdaq in 2023, but has yet to secure strategic investors. Amir Ali Salemi, founder and CEO of JTA Investment Qatar, stated in accordance with Vingroup's declaration, "This collaboration will create mutually beneficial business opportunities." Headquartered in Doha, JTA Investment Qatar was established in 2010 and focuses on investments in energy, education, tourism, and lifestyle. Last year, the fund collaborated with Vietnamese company T&T Group to invest $1.3 billion in building a sports center in Hanoi.