VinFast to break ground on integrated electric vehicle facility in India
Leading Vietnamese electric vehicle (EV) maker VinFast said on February 21 that it will break ground on its integrated electric vehicle (EV) manufacturing site in Thoothukudi city, India’s Tamil Nadu state, on February 25.
This move represents a significant step towards a strategic partnership between VinFast and Tamil Nadu, contributing to promoting the development of green transportation in India and the region.
The partnership between VinFast and Tamil Nadu began following the signing of a Memorandum of Understanding (MoU) on January 6. The collaboration aims toward an intended commitment of US$500 million for the first phase of the integrated EV facility, spanning five years from the commencement date. This is a significant milestone in VinFast's global expansion strategy of venturing into one of the world's fastest growing major economies and its burgeoning EV market.
The groundbreaking ceremony of the EV manufacturing plant just over a month after the announcement of the MoU with Tamil Nadu affirms VinFast's strong determination and roll-out speed in its global expansion plan.
The integrated EV manufacturing facility is projected to generate about 3,000 to 3,500 local job opportunities. It not only caters to development objectives in the Indian market, but also serves exports to South Asian, Middle Eastern and African countries.
Additionally, the project will catalyse green transportation development in India, contributing to materialising the Indian government’s target of having 30% of newly registered private cars being electric.
