VinFast is set to establish its inaugural EV manufacturing plant in Tamil Nadu. The company has allocated an initial investment of USD 500 million and has planned a total investment of USD 2 billion.

Jan 09, 2024

VinFast Auto, a Vietnamese electric vehicle giant, displayed the plans to establish an integrated electric vehicle facility in Tamil Nadu. The company has planned to invest USD 2 billion showing their commitment to break into the world’s third-largest automobile market. The project is supposed to generate about 3,500 jobs in the region. The company has allocated an initial investment of USD 500 million, the EV giant said in a statement, for the first phase of the project, spanning five years from the commencement date. The company targets to start the construction of the facility this year. The project will have an annual capacity of as much as 150,000 units. The state government of Tamil Nadu is determined to provide cleared land for manufacturing facilities, uninterrupted power supply, and other infrastructure support

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Mr. MK Stalin, Chief Minister of Tamil Nadu, wrote in a social media post, “VinFast would set up an EV car and battery manufacturing facility in Tuticorin at an investment of INR 16,000 crore. This is not just a mere investment. It is a giant leap for economic growth in South Tamil Nadu.”

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Ms. Tran Mai Hoa, Global Deputy CEO Sales and Marketing, VinFast, said, “The MoU demonstrates VinFasts’ 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.”