VinFast’s expansion: Building an electric vehicle and battery plant in India

Under this partnership, VinFast and the State Government will work towards a goal of investing up to $2 billion. The first phase of this investment, totaling $500 million, will be implemented over a period of 5 years. This collaboration is a significant milestone for VinFast as it expands into the world’s third-largest automotive market.

The expansion into India is driven by the aim to seize opportunities in the largest and fastest-growing electric vehicle industry globally. It is part of VinFast’s strategy to establish a strong presence in key markets and develop a complete electric vehicle supply chain for global growth.

The project to construct 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 workforce improvement, VinFast is committed to promoting gender equality and providing career development opportunities for the local residents.

Situated in the port city of Thoothukudi, the project aims to become a modern electric vehicle manufacturing center of regional scale with an annual production capacity of up to 150,000 electric vehicles. Construction is set to begin in 2024, laying a solid foundation for economic growth in Tamil Nadu and India at large.

The project will also contribute to the promotion of green transportation, with a target of achieving 30% electric vehicles in private car ownership—a crucial goal of the State Government in reducing carbon emissions in the transportation sector.

Ms. Tran Mai Hoa, Deputy General Director of Global Business and Marketing at VinFast, shared: “This partnership memorandum reinforces VinFast’s strong commitment to sustainable development and our 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 India and the region’s transition towards green energy.”

Mr. Thallikotai Raju Balu Rajaa, Minister of Industries, Tamil Nadu State Government, said: “Electric vehicle manufacturers play a crucial role as economic drivers while contributing to the state’s green vision. We are delighted that VinFast has chosen to invest in Tamil Nadu for the establishment of its electric vehicle and battery production facility. With its capabilities and commitment to a green future, we believe VinFast will be a reliable economic partner that contributes to Tamil Nadu’s sustainable development.

VinFast’s green transportation development project marks 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. Furthermore, both parties will collaborate to explore opportunities for developing charging infrastructure to promote green transportation at the local level.

The decision to invest in Tamil Nadu not only brings economic benefits to 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 nationwide distribution and retail network to establish deep and rapid connections with customers throughout India.

VinFast is a trailblazer 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 is committed to creating a global-scale electric vehicle enterprise that builds a green future for all.

About VinFast

VinFast, a subsidiary of Vingroup, envisions itself as a smart electric vehicle brand leading the 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 all. VinFast consistently delivers high-quality, intelligent products and services that provide excellent user experiences, aiming to inspire people to join in the creation of a future driven by smart and sustainable electric vehicles. Learn more at: https://www.vinfastauto.com.

Thai Son (Tuoitrethudo)