VinFast, the Vietnamese automaker, may be facing challenges in the United States, but the company is undeterred as it boldly ventures into the global market. In a strategic move, VinFast has recently unveiled plans to construct a state-of-the-art manufacturing plant in Thoothukudi, India, signaling a major investment estimated at up to $2 billion. This ambitious endeavor represents a significant foray into the world's third-largest vehicle market and underscores VinFast's commitment to becoming a prominent player in the international electric vehicle (EV) landscape.
The initial phase of the project involves a substantial investment of $500 million, marking the commencement of construction later this year. The plant is projected to employ a workforce ranging between 3,000 and 3,500 individuals, with the long-term vision of evolving into a premier electric vehicle production hub, boasting an annual capacity of up to 150,000 units.
This facility will be VinFast's third manufacturing plant and stands as the largest investment ever made in the Indian state of Tamil Nadu. In parallel with the manufacturing expansion, VinFast is set to establish a nationwide dealership network in India, strategically aiming to cultivate a robust brand presence and establish swift connections with customers across the vast country. The company expresses its intent to capitalize on growth opportunities in India, acknowledging the country as the world's most populous nation and a rapidly expanding market for electric vehicles.
Tran Mai Hoa, VinFast Global's Deputy CEO of Sales and Marketing, emphasized the company's commitment to sustainable development and a vision for a zero-emission transportation future. The Memorandum of Understanding signed for this project underscores VinFast's dedication to fostering economic benefits for both parties and catalyzing the green energy transition in India and the broader region.
Tamil Nadu's Minister of Industries, Dr. TRB Rajaa, welcomed VinFast's investment, recognizing electric vehicle manufacturing companies as crucial economic drivers and catalysts for the state's green vision. He expressed delight that VinFast chose Tamil Nadu as the location for its integrated EV facility, acknowledging the positive impact on the state's economic and environmental landscape.
While the specific models to be produced at the Indian plant remain undisclosed, VinFast's expanding lineup, featuring models such as VF 5, 6, 7, 8, and 9, along with the upcoming VF 3, suggests a diverse and expanding range of electric vehicles. VinFast's ambitious venture into India signifies a bold stride toward achieving a global footprint in the rapidly evolving electric vehicle market.