Vietnam’s largest conglomerate, Vingroup, is accelerating its international expansion as its domestic property market experiences a slowdown. The company has announced plans for nearly two dozen projects across at least 15 countries, spanning developments such as a “Vietnam Town” in Uzbekistan, smart city initiatives in India, and a riverfront urban project in the Democratic Republic of Congo.
Traditionally, Vingroup’s profits from its flagship real estate business have underpinned investments in diverse sectors including automotive manufacturing and technology. However, with Vietnam’s property market cooling and its electric vehicle arm VinFast operating at a loss, the conglomerate is increasingly seeking growth opportunities abroad. This shift supports Vietnam’s broader economic goal of emerging as a leading Asian economy driven by innovation in electric vehicles, artificial intelligence, and robotics.
In December, Vingroup signed an agreement to develop “Vietnam Town” in Tashkent, Uzbekistan’s capital. The project is intended to replicate the company’s integrated urban model in Vietnam, combining residential units, commercial centers, educational institutions, healthcare facilities, and EV infrastructure. Uzbekistan, which has been encouraging private enterprise since loosening state controls in 2017, is one of the Central Asian countries expanding trade beyond traditional Russian ties. Trade between Vietnam and Uzbekistan grew to $202 million in 2024, a 26.5% increase from the previous year. Vietnam also elevated its partnership with Kazakhstan to a strategic level in 2025.
Vingroup’s overseas ventures also include smart city projects and tourism-related developments in India, where bilateral trade with Vietnam has surged to $16.4 billion in 2025 from $5.4 billion in 2016. The company operates an electric vehicle factory in Tamil Nadu and launched an EV taxi service in New Delhi earlier this year. In addition, Vingroup has begun construction on an EV factory in Indonesia and operates an electric taxi service in the Philippines.
In Africa, Vingroup is collaborating with the Democratic Republic of Congo to build a 6,300-hectare riverfront city near Kinshasa’s international airport. VinFast intends to supply electric vehicles and potentially electric buses to the country as it plans to replace over 300,000 fossil fuel vehicles. Vingroup is also distributing electric vehicles across West Africa in partnership with Ghana’s Jospong Group. Analysts highlight Ghana’s favorable policies, including tax incentives and a growing vehicle market, making it a strategic location for VinFast’s expansion.
Domestically, Vingroup is facing challenges as home prices have surged in major Vietnamese cities, leading to an affordability gap and a slowdown in demand. Many new developments have targeted wealthier buyers, causing an oversupply of units in suburban areas. In response, Vinhomes, Vingroup’s real estate division, announced it will halt expanding its domestic land bank, focusing instead on developing existing projects.
Despite these challenges, Vingroup maintains that Vietnam remains its core market and views its international growth as complementary to its domestic business. While Vietnam’s real estate sector still has growth potential, VinFast reported a $3.9 billion net loss in 2025. The electric vehicle maker shipped a record 196,919 vehicles last year but incurred heavy costs, including a $236 million write-down on its delayed North Carolina factory. Following weaker-than-expected sales in Western markets, VinFast is shifting its focus to emerging Asian markets where vehicle ownership is on the rise.
Founded by Pham Nhat Vuong, who began his entrepreneurial career in Ukraine in the 1990s before developing extensive real estate projects in Vietnam, Vingroup is betting it can replicate its domestic success abroad. The group’s integrated approach to building communities—combining housing with infrastructure and services such as transportation—is seen as a potentially adaptable model for other developing economies.