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Vietnamese EV major VinFast plans to invest USD 2 billion in Tamil Nadu
Photo Courtesy: VinFast Instagram page

Vietnamese EV major VinFast plans to invest USD 2 billion in Tamil Nadu

| @indiablooms | 07 Jan 2024, 02:17 pm

Vietnamese EV manufacturer VinFast and the Tamil Nadu government in southern India have inked a Memorandum of Understanding (MoU) to charge the development of green transportation in India.

VinFast and the State Government will work toward a total investment of up to USD 2 billion, with an intended commitment of USD 500 million for the first phase of the Project, spanning five years from the commencement date.

The company said the establishment of its integrated electric vehicle facility in Tamil Nadu is anticipated to generate approximately 3,000 - 3,500 employment opportunities locally.

Situated in Thoothukudi, the VinFast said its Tamil Nadu project aims to evolve into a first-class electric vehicle production hub in the region, with an annual capacity of up to 150,000 units.

Construction of the plant is anticipated to begin in 2024.

Besides the economic benefits, the project will also pave the way for green transportation development, targeting 30% of newly registered private cars to be electric.

Tran Mai Hoa, Deputy CEO of Sales and Marketing, VinFast Global said: “The MoU demonstrates VinFast's strong commitment to the sustainable development and vision of a zero-emission transportation future. We believe that investing in Tamil Nadu will not only bring considerable economic benefits to both parties, but will also help accelerate the green energy transition in India and the region.”

Tamil Nadu Industries Minister TRB Rajaa said: “EV manufacturing companies are not only important economic drivers but also powerful accelerators to the State’s green vision. We are delighted that VinFast has chosen to invest in Tamil Nadu to establish its integrated EV facility. Possessing robust capabilities and unwavering commitment to a sustainable future, I believe that VinFast will emerge as a reliable economic partner and substantial contributor to Tamil Nadu’s long-term development.”

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