On Tuesday, Vietnamese EV maker VinFast Auto Ltd. VFS inked a Memorandum of Understanding (MOU) with global investment firm JTA Investment Qatar to explore strategic investment opportunities in electric vehicles and tourism.

As per the deal, JTA Investment Qatar is considering an equity investment of at least $1 billion in VinFast, accompanied by a strategic partnership to support VinFast’s global expansion and technological advancements.

Additionally, the companies are working together to create joint ventures to expand and enhance Vinpearl’s offerings, including hotels, resorts, amusement parks, and golf courses.

Ms. Le Thi Thu Thuy, Vice Chairwoman of Vingroup, said, ”Leveraging the combined strengths of Vingroup’s ecosystem and local expertise with JTA Investment Qatar’s experience and resources, we anticipate successful projects that foster sustainable progress, technological innovation in key sectors like electric vehicles and tourism, contributing to the greater good.”

Dr. Amir Ali Salemi, Founder and CEO of JTA Investment Qatar, stated, “By leveraging our expertise and resources within the energy, technology, infrastructure, and tourism sectors, we are thrilled to contribute to the advancement of Vingroup’s strategic objectives and promising business areas, with a particular emphasis on VinFast and Vinpearl.”

Last month, the company reported a whopping 192% increase in EV sales worldwide to 97,399 units. However, very few EVs were sold in the U.S.

VinFast delivered 53,139 electric vehicles globally in the fourth quarter, marking a 143% quarter-over-quarter increase and a 342% year-over-year rise.

Price Action: VFS shares are up 0.56% at $3.57 at the last check on Tuesday.

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