VinFast Partners with Tamil Nadu for USD 2 Billion Investment in Indian EV Hub
The Memorandum of Understanding (MoU) outlines plans for a significant investment of up to USD 2 billion, with an initial commitment of USD 500 million for the first five years.
January 08, 2024. By Abha Rustagi
The Memorandum of Understanding (MoU) outlines plans for a significant investment of up to USD 2 billion, with an initial commitment of USD 500 million for the first five years.
This strategic move signals VinFast's ambitious expansion into India, capitalizing on growth opportunities in the world's third-largest vehicle market and the rapidly expanding EV sector.
The integrated electric vehicle facility in Thoothukudi, Tamil Nadu, is expected to generate 3,000 to 3,500 local job opportunities, contributing to skill development and promoting gender equality. With an annual capacity of up to 150,000 units, the facility aims to become a premier EV production hub in the region.
Construction is slated to commence in 2024, laying the groundwork for economic growth in Tamil Nadu and India. Beyond economic benefits, the project underscores VinFast's commitment to green transportation, targeting 30 percent 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.”
Dr. TRB Rajaa, Minister of Industries of the Government of Tamil Nadu, 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.”
This aligns with Tamil Nadu's initiatives to reduce carbon emissions in the transportation sector. Acknowledging the project's significance, the Tamil Nadu Government pledges support by providing cleared land, uninterrupted power supply, and other infrastructure support.
The partnership not only propels mutual economic growth but also strengthens the Comprehensive Strategic Partnership between Vietnam and India.
VinFast plans to establish a nationwide dealership network, fostering a strong brand presence and rapid customer outreach across India.
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