Vietnamese EV manufacturer VinFast to set up plant in Tamil Nadu, unveils USD 2 billion investment plan

Vietnamese EV manufacturer VinFast and the Tamil Nadu authorities in southern India have signed a Memorandum of Understanding (MoU) to cost the event of inexperienced transportation in India.

(*2*)VinFast to set up EV plant in Tamil Nadu. Photo Courtesy: VinFast Instagram web page

VinFast and the TN authorities will work towards a complete investment of up to USD 2 billion, with an supposed dedication of USD 500 million for the primary part of the mission, spanning 5 years from the graduation date.

The firm mentioned the institution of its built-in electrical automobile facility in Tamil Nadu is anticipated to generate roughly 3,000 – 3,500 employment alternatives domestically.

Situated in Thoothukudi, VinFast mentioned its Tamil Nadu mission goals to evolve right into a first-class electrical automobile manufacturing hub in the area, with an annual capability of up to 150,000 items.

Construction of the plant is anticipated to start in 2024.

Besides the financial advantages, the mission may also pave the best way for inexperienced transportation improvement, focusing on 30% of newly registered non-public automobiles to be electrical.

Tran Mai Hoa, Deputy CEO of Sales and Marketing, VinFast Global, mentioned: “The MoU demonstrates VinFast’s robust dedication to the sustainable improvement and imaginative and prescient of a zero-emission transportation future. We imagine that investing in Tamil Nadu won’t solely deliver appreciable financial advantages to each events, however may also assist speed up the inexperienced vitality transition in India and the area.”

Tamil Nadu Industries Minister TRB Rajaa mentioned: “EV manufacturing corporations will not be solely necessary financial drivers but in addition highly effective accelerators to the state’s inexperienced imaginative and prescient. We are delighted that VinFast has chosen to make investments in Tamil Nadu to set up its built-in EV facility. Possessing strong capabilities and unwavering dedication to a sustainable future, I imagine that VinFast will emerge as a dependable financial associate and substantial contributor to Tamil Nadu’s long-term improvement.”