Vietnamese conglomerate Vingroup  said on Tuesday it had signed a memorandum of understanding (MoU) with private equity fund JTA Investment Qatar to explore a potential investment of at least $1 billion in the electric vehicle (EV) maker VinFast.

The company said the possible partnership could also extend to Vingroup’s hospitality business Vinpearl.

“Under the MoU, the companies will engage in discussions to define their future collaboration in pursuing mutually beneficial objectives,” Vingroup said in a statement.

Startup VinFast is pursuing an aggressive but costly expansion strategy in Vietnam, where it can rely on a growing market of nearly 100 million people. It also wants to expand abroad but has so far struggled to attract foreign buyers.

VinFast has been listed on the Nasdaq since 2023 but has not since managed to find strategic investors.

“This collaboration will generate mutually beneficial business opportunities,” said Amir Ali Salemi, founder and chief executive officer of JTA Investment Qatar, according to the Vingroup’s statement.