Vietnamese carmaker VinFast Auto is investing $500m in an electric vehicle (EV) manufacturing facility in Tamil Nadu, India. The project, which is set to generate 3,000-3,500 jobs, is a collaboration with the Tamil Nadu state government and expected to be a premier EV production centre for the region, with a capacity of up to 150,000 units a year. VinFast aims to tap into India’s burgeoning EV market and export to other south Asian, Middle Eastern and African countries. The project aligns with India’s goal of having 30% of newly registered private cars be electric.
Vietnamese automotive giant VinFast Auto has revealed plans to inaugurate its integrated EV manufacturing facility in Thoothukudi City, Tamil Nadu, signaling a significant investment of $500 million for the initial phase. The groundbreaking ceremony is scheduled for Sunday, February 25.
VinFast emphasized that this initiative underscores a pivotal collaboration between the company and the Tamil Nadu state government, with a shared vision of propelling green transportation initiatives across India and the wider region.
This collaboration traces back to the Memorandum of Understanding (MoU) inked between VinFast and the government of Tamil Nadu, officially announced on January 6. The initial commitment of $500 million for the integrated EV facility is projected to span five years from the commencement date.
According to VinFast’s statement, this endeavor marks a crucial milestone in the company’s global expansion strategy, venturing into one of the world’s fastest-growing major economies and tapping into its burgeoning EV market. It reflects VinFast’s resolute determination and expeditious execution in its global expansion endeavors.
The integrated EV manufacturing hub in Tamil Nadu is anticipated to generate approximately 3,000 to 3,500 local employment opportunities, underscoring VinFast’s dedication to the state’s socio-economic advancement.
With a targeted annual capacity of up to 150,000 units at full operation, the VinFast Tamil Nadu project aims to evolve into a premier electric vehicle production center in the region. Additionally, it is poised to cater to export demands from South Asian, Middle Eastern, and African countries.
Moreover, the project aligns with the Indian government’s agenda of promoting green transportation and reducing carbon emissions in the transport sector. Notably, India aims to have 30 percent of newly registered private cars be electric, underscoring the pivotal role of initiatives like VinFast’s in achieving these objectives.
As Vietnam’s foremost electric vehicle manufacturer with global aspirations, VinFast underscores its unwavering commitment to innovation and research, positioning itself as a frontrunner in the electric vehicle industry and championing a sustainable future for all.
