Located in the State Industries Promotion Corporation of Tamilnadu Ltd. (SIPCOT) in the southern state, the facility, which covers an area of 160 ha, has an investment of 500 million USD for the project's first phase in five years. It is expected to make 150,000 vehicles yearly and create about 3,000-5,000 jobs.
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Delegates at the groundbreaking ceremony of VinFast's integrated electric vehicle facility in India |
Besides strengthening cooperation with the world's leading suppliers, VinFast plans to promote the localization rate, contributing to creating positive momentum for local economic growth.
According to Minister of Industries, Investment Promotion & Commerce of the Government of Tamil Nadu T.R.B Rajaa said that VinFast's entry into the Indian market has affirmed Tamil Nadu's industrial policies, and role as a global auto manufacturing and innovation hub. Tamil Nadu's vision aligns with VinFast's growth strategy in India, as well as its commitment to making sustainable mobility more accessible to everyone.
At the groundbreaking ceremony, he expressed his belief that the project will contribute to the local economic growth, bringing opportunities of jobs and skills development for Tamil Nadu residents.
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VinFast's factory in Hai Phong city (Photo: vov.vn) |
India, the world's third-largest automobile market, is one of the key markets in VinFast's global expansion plan. The groundbreaking ceremony took place more than a month after VinFast and the government of Tamil Nadu announced the signing of a Memorandum of Understanding (MoU) on January 6, which affirmed VinFast's determination to implement the plan.
Its EV production facility in Tamil Nadu not only meets development targets in India, but also serves export goals to countries in South Asia, the Middle East, and Africa. The project is also an important addition to VinFast's worldwide production ecosystem, including an existing factory in Vietnam, a factory under construction in North Carolina (USA) which is expected to be operational in 2025, and a factory that will be built in Indonesia.
In addition to opening factories, VinFast plans to establish a dealer network to build brand recognition and quickly connect with customers across India.
Source: VNA