VinFast, Vietnam’s prominent electric vehicle (EV) manufacturer and the Tamil Nadu state government have inked a Memorandum of Understanding (MoU) to invest $2 billion in manufacturing and exporting vehicles from India.
The collaboration outlines a total investment of up to $2 billion, with an initial commitment of $500 million for the project’s first five years. This strategic move marks VinFast’s significant global expansion, providing access to the world’s third-largest car market.
The integrated electric vehicle facility in Thoothukudi, Tamil Nadu, is expected to create 3,000 to 3,500 job opportunities and aims to become a regional hub with an annual capacity of 150,000 units.
Construction is slated to commence in 2024, contributing to economic growth in the region and aligning with green transportation initiatives, targeting 30% of electric car registrations. VinFast also plans to establish a nationwide dealership network to enhance its brand presence and connect with customers across India.
Tran Mai Hoa, Deputy CEO of Sales and Marketing at VinFast Global, emphasized the company’s commitment to sustainable development, while Dr TRB Rajaa, Minister of Industries Investment Promotions and Commerce of the Government of Tamil Nadu, welcomed VinFast as a significant contributor to the state’s green vision and long-term development.
