Construction starts on Vinfast's $500 million EV factory in India

February 27, 2024 | 09:59

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VinFast broke ground on its first integrated electric vehicle (EV) manufacturing facility in the state of Tamil Nadu, India, on February 25.

Construction starts on Vinfast's $500 million EV factory in India

The landmark project will create employment opportunities for approximately 3,500 locals and exemplifies VinFast's global commitment to green transportation.

Spanning 400 acres within the State Industries Promotion Corporation of Tamil Nadu Industrial Park, the facility boasts an initial investment of $500 million over five years, with a projected annual capacity of 150,000 vehicles.

Pham Sanh Chau, CEO of VinFast India, said, "VinFast's EV plant in Tamil Nadu is a significant step towards sustainable mobility in India. This milestone strengthens the bond between Vietnam and India, and underscores VinFast's dedication to a zero-emission future, setting the stage for economic growth, innovation, and environmental sustainability in the region."

Dr. T. R. B. Rajaa, Minister for Industries in Tamil Nadu, added, "VinFast’s entry into India signals Tamil Nadu’s progressive industrial policies and its role as a global automotive innovation and manufacturing hub. Tamil Nadu will match VinFast’s ambitious growth plans and is committed to making zero-emission mobility widely accessible. We believe this project will substantially contribute to the advancement of the local economy, create jobs, and help develop the technical skills of the people of Tamil Nadu.”

India is key to VinFast's global expansion plan, as it wishes to capitalise on the potential presented by this rapidly growing market. The Tamil Nadu plant demonstrates VinFast's substantial global reach and joins the existing manufacturing network in Vietnam, and future projects in the United States and Indonesia, in solidifying the company's global manufacturing ecosystem.

tate	VinFast sets wheels in motion in Indonesia VinFast, the Vietnamese electric vehicle (EV) manufacturing arm of Vingroup, announced the signing of a partnership with its first five dealerships in Indonesia on February 16, as part of the 2024 International Indonesia Motor Show.

VinFast to hold groundbreaking ceremony for integrated EV facility in India

VinFast Auto announced on Wednesday that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu, India on February 25.

VinFast targets family offices, eyes alternative assets for growth

VinFast, the electric vehicle (EV) arm of Vietnam's Vingroup, is actively courting family offices and the alternative assets sector in an effort to diversify its investment base, according to DealStreetAsia.

By Thanh Van

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