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Thursday, April 25, 2024

VinFast to construct EV manufacturing plant in India

The Saigon Times

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HCMC – Vietnamese automaker VinFast is slated to break ground on its integrated electric vehicle (EV) manufacturing facility in Thoothukudi City, Tamil Nadu, India, on February 25.

The announcement comes after VinFast signed a memorandum of understanding (MoU) with the government of Tamil Nadu on January 6 this year.

This is a significant step forward in the strategic partnership between VinFast and the local government, aiming to drive the development of green transportation in India and the wider region.

VinFast has committed to investing US$500 million in the first phase of the project over five years. Once in place, the EV plant would be able to turn out up to 150,000 EVs annually and generate 3,000-3,500 jobs for local workers.

The VinFast EV facility is expected to cater to the increasing demand in the Indian market and fulfill export demands in other countries and territories across South Asia, the Middle East and Africa.

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