Thoothukudi to Host New Facility, Construction Begins This Year – BL Chennai Bureau
About VinFast
VinFast – a member of Vingroup – envisions driving the advancement of the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90 percent automation in Hai Phong, Vietnam.
Strongly committed to the mission of a sustainable future for everyone, the company constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility for a sustainable planet. Learn more at: www.vinfastauto.com.
Vietnam’s prominent electric vehicle (EV) manufacturer, is set to establish an EV plant in Thoothukudi, southern Tamil Nadu, with a substantial investment of $2 billion. The announcement strategically precedes the Tamil Nadu Global Investors Meet scheduled in Chennai for Sunday and Monday.
Collaborating with the State Government, the company envisions a comprehensive investment of $2 billion, with an initial commitment of $500 million for the project’s first phase over five years. This significant move underscores VinFast’s ambitious expansion into the world’s third-largest vehicle market, as highlighted in the company’s press release.
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Anticipated to commence construction in 2024, the project aims to transform into a regional hub for electric vehicle production, boasting an annual capacity of up to 150,000 units.
Beyond economic advantages, the initiative aligns with environmental goals, aspiring to achieve 30% electric vehicle registrations for private cars, contributing to the State government’s efforts to reduce carbon emissions in the transportation sector.
VinFast Factory
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’s Industries Minister TRB Rajaa said: “EV manufacturing companies are not only important economic drivers but also powerful accelerators to the State’s green vision. I believe that our company will emerge as a reliable economic partner and substantial contributor to Tamil Nadu’s long-term development.
Battery Factory
company’s green transportation development project is its third manufacturing project and the largest investment in Tamil Nadu’s history. The State government also commits to providing cleared land for the manufacturing facilities, uninterrupted power supply, and other infrastructure support on a best-effort basis. Additionally, both parties will continue to collaborate and discuss opportunities for charging stations to steer toward a clean mobility future, the release said.
Ms. Tran Mai Hoa, Deputy CEO of Sales and Marketing, VinFast Global shared: “TheMoU 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.”
Mr. Thallikotai Raju Balu 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’slong-term development.”
Conclusion
VinFast’s bold $2 billion investment in Tamil Nadu signals a pivotal shift in their global strategy, establishing the region as a key hub for electric vehicle production. This strategic move not only promises significant economic benefits but also underscores company’s commitment to accelerating India’s green energy transition. The collaboration with the State Government positions company’s as a major contributor to Tamil Nadu’s long-term development, marking a historic milestone in the state’s industrial landscape.
Disclaimer: The details provided in this article are based on available sources and may not be 100% accurate. The values mentioned are estimations, and actual auction results may vary.
