VinFast’s $2 Billion Investment In Tamil Nadu For EV Plant Starting 2024

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The integrated electric vehicle (EV) plant of inFast in Thoothukudi, Tamil Nadu, is set to begin construction this year, with a projected annual production capacity of up to 150,000 EVs.

VinFast, Vietnam’s premier electric vehicle (EV) manufacturer, together with the government of Tamil Nadu, India, has announced a partnership through a Memorandum of Understanding (MoU) to invest $2 billion in India for vehicle manufacturing and export. The initial phase of this collaboration involves an investment of $500 million over five years.

This initiative marks a significant milestone in VinFast’s international growth strategy, positioning the brand in the world’s third-largest automobile market. The company’s expansion into India is part of its broader plan to penetrate major markets globally and enhance its supply chain for international operations. The proposed integrated EV facility in Tamil Nadu is anticipated to create around 3,000 to 3,500 jobs locally.

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The VinFast-Tamil Nadu project, located in Thoothukudi, is planned to be a major EV production hub in the area, aiming for an annual output of up to 150,000 vehicles. Construction is slated to commence in 2024. The project promises substantial economic growth for both Tamil Nadu and India.

VinFast also plans to launch a comprehensive dealership network across India to establish a strong market presence and effectively reach customers nationwide. The project aligns with the Tamil Nadu government’s green transportation goals, aiming for 30 per cent of new private car registrations to be electric, thus contributing to reduced carbon emissions in the transport sector.

Tran Mai Hoa, Deputy CEO of Sales and Marketing at VinFast Global, emphasized the MoU as a testament to VinFast’s dedication to sustainable development and a future of zero-emission transportation. The investment in Tamil Nadu is expected to yield significant economic benefits and contribute to the green energy shift in India and the region.

Dr TRB Rajaa, Tamil Nadu’s Minister of Industries Investment Promotions and Commerce, expressed enthusiasm about VinFast’s investment, noting the company’s potential as a key economic player and contributor to the state’s sustainable development goals.

This green transportation project is VinFast’s third manufacturing initiative and represents the largest investment in Tamil Nadu’s history. The Tamil Nadu government has pledged support, including land allocation, uninterrupted power supply, and infrastructure, to facilitate the project’s success.

The two parties will also collaborate on establishing charging stations and advancing the clean mobility agenda. The investment strengthens the Comprehensive Strategic Partnership between Vietnam and India, highlighting mutual economic benefits.

VinFast, a Vingroup subsidiary, is committed to leading the global smart electric vehicle revolution. Established in 2017, the company operates a highly automated manufacturing complex in Hai Phong, Vietnam, which stands at the forefront of the automotive industry’s technological advancements.

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