On January 6, 2023, VinFast – Vietnam’s leading electric car brand – and the Tamil Nadu State Government officially announced their partnership in an Investment Memorandum of Understanding (MoU) to develop green transportation in India.
Accordingly, VinFast and the State Government will actively work towards a goal of investing up to $2 billion. Of this, an investment of $500 million for Phase 1 will be implemented over a period of 5 years. This event marks a significant milestone for VinFast in its strategy to penetrate the world’s third-largest automotive market.
The expansion plan into India is aimed at seizing opportunities in the most populous market and the fastest-growing electric vehicle industry in the world. This is part of VinFast’s plan to establish a strong presence in key markets and complete the electric vehicle supply chain for global development.
The project to build VinFast’s electric vehicle and battery production facility in Tamil Nadu is expected to create approximately 3,000 – 3,500 job opportunities in the local market. In addition to contributing to the improvement of the labor force, VinFast is committed to promoting gender equality and providing career development opportunities for local residents.
Located in the port city of Thoothukudi, the project aims to develop into a modern electric vehicle manufacturing center of regional scale with a production capacity of up to 150,000 electric vehicles per year. Expected to commence construction in 2024, the project lays a solid foundation for economic growth in Tamil Nadu and India as a whole.
In addition, the project will contribute to promoting green transportation, aiming for 30% of private cars to be electric vehicles – a key target of the State Government to reduce carbon emissions in the transportation sector.
Ms. Tran Mai Hoa, Deputy General Director of Global Business and Marketing at VinFast, shared: “This partnership memorandum highlights VinFast’s strong commitment to sustainable development and a vision of emission-free transportation. We believe that investing in Tamil Nadu will not only bring significant economic benefits to both parties but also contribute to the green energy transition in India and the region.”
Mr. Thallikotai Raju Balu Rajaa, Minister of Industries, Tamil Nadu State Government, said: “Electric vehicle manufacturers are not only important economic drivers but also contribute to the green vision of the state. We are pleased that VinFast has chosen to invest in Tamil Nadu to establish its electric vehicle and battery production facility. With strong capabilities and a strong commitment to a green future, I believe VinFast will be a reliable economic partner contributing to the sustainable development of Tamil Nadu.
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VinFast’s green transportation development project is the company’s third manufacturing facility and the largest investment in Tamil Nadu’s history. Recognizing the significant contributions to the labor market, economic growth, and green vision of the State, the Tamil Nadu State Government is committed to providing maximum support to VinFast in terms of manufacturing land, energy supply, and production infrastructure. In addition, both parties will continue to work together to explore opportunities for developing charging infrastructure to promote green transportation at the local level.
The decision to invest in Tamil Nadu not only opens up economic benefits for VinFast and the local market but also strengthens the Comprehensive Strategic Partnership between Vietnam and India.
In addition to building production facilities in Tamil Nadu, VinFast aims to establish a distribution and retail network nationwide to build deep and rapid connections with customers in India.
VinFast is a pioneer in electric vehicles in Vietnam with the goal of becoming one of the world’s leading electric vehicle brands. Through continuous research and innovation, VinFast affirms its goal of becoming a global-scale electric vehicle enterprise, committed to building a green future for everyone.
About VinFast
VinFast – a subsidiary of Vingroup – envisions itself as a smart electric vehicle brand driving a strong global electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automobile manufacturing complex, with the highest level of automation in Hai Phong, Vietnam.
With the philosophy of “Putting the customer at the center,” VinFast is strongly committed to its mission of creating a sustainable future for everyone. VinFast constantly creates high-quality, intelligent products and services with excellent experiences, aiming to inspire people to join in creating a future of smart and sustainable electric vehicle usage. Learn more at: https://www.vinfastauto.com.
Thai Son (Tuoitrethudo)
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