Financial News
VinFast officially breaks ground on its integrated electric vehicle facility in India
February 26, 2024 at 06:00 AM EST
The groundbreaking ceremony was graced by Thiru M. K. Stalin, Honorable Chief Minister of Tamil Nadu; Thiru Dr. T. R. B. Rajaa, Honorable Minister for Industries, Government of Tamil Nadu; Thiru V. Arun Roy IAS, Industries Secretary, Member of Parliament – Thoothukudi constituency; Ministers of state, MLAs (Members of Legislative Assembly of Tamil Nadu), senior representatives from the State government and the VinFast India leadership team.
Spanning 400 acres within the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial estate, the electric vehicle facility boasts a total initial investment of $500 million over 5 years, with a projected capacity of 150,000 vehicles annually. This will create jobs for 3,000 to 3,500 local residents. While strengthening partnerships with world-leading suppliers, VinFast also plans to promote localization, contributing positively to local economic growth.
Mr. Pham Sanh Chau, CEO of VinFast India, commented on this historic milestone, stating: "VinFast's groundbreaking ceremony for its plant in Thoothukudi, Tamil Nadu, is a significant stride towards sustainable and green mobility in India. By establishing an integrated electric vehicle facility, the company's commitment to job creation, green transportation, and strategic partnerships solidifies VinFast's position as a major player in the electric vehicle industry. This milestone strengthens the bonds between the robust economies of Vietnam and India, and underscores VinFast's dedication to a zero-emission transportation future, setting the stage for economic growth, innovation, and environmental sustainability in the region."
Honourable Minister Dr. T. R. B. Rajaa added,"VinFast's entry into India reaffirms Tamil Nadu's progressive industrial policies and its role as a global automotive innovation and manufacturing hub. Tamil Nadu will match VinFast's ambitious growth plans in the country and is committed to making zero-emission mobility widely accessible. We believe the project will substantially contribute to the local economic advancement, job creation, and technical skill development of the people of Tamil Nadu."
India represents a key market in VinFast's global expansion plan, capitalizing on the potential presented by this rapidly growing market. The project not only affirms VinFast's global reach but also joins the existing manufacturing complex in Vietnam and future plants in the U.S. and Indonesia, solidifying VinFast's global manufacturing ecosystem.
In addition to the manufacturing facilities, VinFast plans to establish a nationwide dealership network to build a strong brand presence and swiftly connect with customers across the country. VinFast is committed to providing the Indian market with premium quality products, competitive pricing, and outstanding after-sales services to make electric mobility widely accessible and strengthen the comprehensive strategic partnership between Vietnam and India.
Hashtag: #VinFast
The issuer is solely responsible for the content of this announcement.
About VinFast
VinFast – a member of Vingroup – envisions driving the advancement of the global smart electric vehicle revolution. 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.
Strongly committed to the mission of a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at:
www.vinfastauto.com. 
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