VinFast and the State Government are working towards a total investment of up to USD 2 billion, with an initial commitment of USD 500 million for the first phase of the Project, spanning five years. This move signals a significant step in VinFast’s expansion into the world’s third-largest vehicle market.
The plan to expand into India aims to capitalize on growth opportunities in the world’s most populous nation and rapidly expand the EV market. This initiative is a crucial part of VinFast’s strategy to establish a strong presence in key markets and strengthen its supply chain for global expansion.
The establishment of VinFast’s integrated electric vehicle facility in Tamil Nadu is expected to generate approximately 3,000 – 3,500 local employment opportunities. In addition to creating jobs and improving the skills of the local workforce, VinFast remains committed to fostering gender equality and offering career advancement opportunities for the community.
Situated in Thoothukudi, the VinFast Tamil Nadu project aims to become a first-class electric vehicle production hub in the region, with an annual capacity of up to 150,000 units. Construction of the plant is expected to commence in 2024. This project is set to lay a strong foundation for economic growth in Tamil Nadu and India as a whole.
In addition to the economic benefits, the project will also pave the way for the development of green transportation, with a target of 30% of newly registered private cars being electric. This aligns with the state government’s initiatives to reduce carbon emissions in the transportation sector.
Tran Mai Hoa, Deputy CEO of Sales and Marketing at VinFast Global, shared: “TheMoU demonstrates VinFast’s strong commitment to the sustainable development and vision of a zero-emission transportation future. We believe that investing in Tamil Nadu will not only bring considerable economic benefits to both parties but will also help accelerate the green energy transition in India and the region.“
Thallikotai Raju Balu Rajaa, Minister of Industries of the Government of Tamil Nadu, said: “EV manufacturing companies are not only important economic drivers but also powerful accelerators to the State‘s green vision. We are delighted that VinFast has chosen to invest in Tamil Nadu to establish its integrated EV facility. Possessing robust capabilities and unwavering commitment to a sustainable future, I believe that VinFast will emerge as a reliable economic partner and substantial contributor to Tamil Nadu’s long-term development.”
VinFast’s green transportation development project is its third manufacturing project and the largest investment in Tamil Nadu’s history. Given the significant economic and social benefits that the project will bring, the Government of Tamil Nadu is committed to providing cleared land for the manufacturing facilities, uninterrupted power supply, and other necessary infrastructure support. Furthermore, both parties will continue to collaborate and explore opportunities for charging stations to promote a clean and sustainable future for mobility.
This investment in Tamil Nadu will lead to mutual economic growth for both VinFast and the state, while also strengthening the Comprehensive Strategic Partnership between Vietnam and India.
In addition to establishing the manufacturing facilities in Tamil Nadu, VinFast also plans to establish a nationwide dealership network. This approach will enable the company to establish a strong brand presence and effectively connect with customers across the country.
As Vietnam’s leading electric vehicle manufacturer with global aspirations, VinFast is dedicated to continuous innovation and research, driving the company towards its goal of becoming a global leader in the electric vehicle industry and promoting a sustainable future for all.
About VinFast
VinFast, a member of Vingroup, aims to drive the advancement of the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with advanced scalability and up to 90 percent automation in Hai Phong, Vietnam.
Committed to creating a sustainable future for everyone, VinFast constantly innovates to offer high-quality products, advanced smart services, seamless customer experiences, and competitive pricing strategies to inspire global customers to join in creating a future of smart mobility for a sustainable planet.
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