UAE’s NMDC Group, Vingroup partner for coastal protection in Vietnam
The projects are expected to generate thousands of jobs for local communities, driving economic growth in Vietnam’s coastal regions and providing substantial social benefits
Abu Dhabi-based NMDC Group has signed a memorandum of understanding (MOU) with Vingroup, one of Vietnam’s largest private conglomerates, to undertake large-scale coastal protection and land reclamation projects.
This strategic partnership underscores both companies’ commitment to sustainable development, particularly in the realms of high-end real estate and vital coastal infrastructure.
The MOU outlines a collaborative framework that will focus on several key areas, including coastal land reclamation, urban expansion, sustainable coastal protection for premium real estate, industrial land reclamation, and offshore wind development.
NMDC Group plans to leverage its advanced marine engineering solutions to ensure that these projects not only meet economic needs but also promote environmental sustainability and long-term coastal resilience.
The anticipated projects are expected to generate thousands of jobs for local communities, driving economic growth in Vietnam’s coastal regions and providing substantial social benefits.
Furthermore, the partnership aligns with Vietnam’s vision of becoming a prime destination for coastal tourism while attracting significant investments in marine infrastructure.
Agreement with Vingroup aligns with NMDC’s strategy
Eng. Yasser Zaghloul, group CEO of NMDC, expressed enthusiasm about the collaboration, stating, “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 CEO of Vingroup, also emphasised the significance of the partnership, noting, “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 significantly contributes to sustainable projects in Vietnam, helping to strengthen infrastructure resilience in the face of climate change.”
This announcement comes on the heels of NMDC Group’s recent strategic developments, including the listing of NMDC Energy on the Abu Dhabi Securities Exchange (ADX) following an IPO that was oversubscribed by 31.3 times in September.
Source: https://gulfbusiness.com/nmdc-vingroup-partner-for-coastal-protection/
