VinFast -- Vietnam's first homegrown car manufacturer -- hopes to compete with global EV giants such as Tesla but has struggled to break into the international market. 

VinFast shares have fluctuated wildly since debuting on the Nasdaq in August 2023, at one point soaring to a market value bigger than Ford and General Motors before lurching downward.

The MOU signed by the two firms outlines JTA Investment Qatar's interest in "strategic opportunities" within the Vietnamese conglomerate's key business sectors, Vingroup said.

The company is exploring a "potential equity investment of at least $1 billion in VinFast", Vingroup said, and a partnership aimed at supporting its "global expansion and technological development".

The Qatari company is also looking into investment opportunities in five-star hotels, resorts and amusement parks operated by VinPearl, another Vingroup subsidiary.

JTA Investment Qatar founder Amir Ali Salemi said in a news release issued by Vingroup that the "collaboration will generate mutually beneficial business opportunities and facilitate Vingroup's strategic expansion into international markets".

With more than 100 showrooms globally, VinFast is trying to crack markets in Asia, the Middle East, Europe, the United States and Canada. 

The company is scheduled to open factories in Subang, West Java and in the southern Indian state of Tamil Nadu this year.

CEO Pham Nhat Vuong and parent group Vingroup said late last year they would inject $3.5 billion in new funding into the company.

Vuong, Vietnam's richest person, was appointed CEO of VinFast in 2024.