Vietnam To Set Up $2 Bln EV Facility In India
NEW DELHI (IANS) – With an eye on climate change, Vietnam’s leading electric vehicle (EV) manufacturer VinFast and the Tamil Nadu state government on January 8 announced a partnership to build a $2 billion EV facility in the country, with an intended commitment of $500 million for the first phase of the project, spanning five years from the commencement date.
The establishment of VinFast’s integrated EV facility in Tamil Nadu is anticipated to generate approximately 3,000-3,500 employment opportunities locally.
This move indicates a significant step in VinFast’s expansion into the world’s third-largest vehicle market, which is also waiting for Elon Musk-run Tesla to enter the country.
Situated in Thoothukudi, the VinFast Tamil Nadu project aims to evolve into a first-class electric vehicle production hub in the region, with an annual capacity of up to 150,000 units.
Construction of the plant is anticipated to begin in 2024. The project will also pave the way for green transportation development, targeting 30 percent of newly registered private cars to be electric.
In addition to building the manufacturing facilities in Tamil Nadu, VinFast also has intentions to inaugurate a nationwide dealership network.
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.