- Entities will explore projects for urban expansion, sustainable coastal protection for luxury real estate, and industrial land reclamation.
- Projects expected to create thousands of jobs for local communities, fostering new wave of economic growth in Vietnam’s coastal regions.
Abu Dhabi, UAE: 31 October 2024 – NMDC Group, a global leader in engineering, procurement, construction, and marine dredging (Abu Dhabi Securities Exchange: NMDC), and Vingroup, one of Vietnam’s largest private conglomerates, announced today the signing of a Memorandum of Understanding (MOU) to undertake large-scale coastal protection and land reclamation projects in Vietnam.
This strategic partnership reinforces both organizations’ commitment to sustainable development, with a focus on high-end real estate and critical coastal infrastructure.
Under the terms of the MOU, NMDC Group and Vingroup will explore collaboration across a number of areas, in particular, large-scale projects focused on environmental sustainability. These will include reclamation projects for coastal land and for urban expansion, sustainable coastal protection for high end real estate, and industrial land reclamation as well as offshore wind development projects. NMDC Group will employ its advanced marine engineering solutions to ensure a positive and sustainable environmental impact and long-term coastal resilience.
The projects are expected to create thousands of jobs for local communities, fostering economic growth in Vietnam’s coastal regions as well as bringing vast social benefits. The collaboration will also support Vietnam’s vision to position itself as a prime destination for coastal tourism and attract significant investments in marine infrastructure.
Eng. Yasser Zaghloul, Group CEO of NMDC, commented: “Our partnership with Vingroup aligns perfectly with NMDC’s strategy to deliver sustainable marine infrastructure that supports both economic development and environmental protection. We are excited to bring our technical expertise to Vietnam’s coastline, creating long-term value for both communities and investors.”
Nguyen Nhat Quang, Vice Chairman and Chief Executive Officer of Vingroup, added: “We are delighted to partner with NMDC Group, a highly reputable and capable partner in marine infrastructure development. This cooperation not only benefits Vingroup but also contributes significantly to sustainable projects in Vietnam, helping to strengthen infrastructure resilience in the face of climate change.”
The collaboration closely follows a series of strategic announcements by NMDC Group. In September 2024, NMDC Energy was listed on the Abu Dhabi Securities Exchange (ADX) following an Initial Public Offering (IPO) which was oversubscribed by 31.3 times.
