VinFast is setting up a new $500m EV facility in India

Vietnam-based electric vehicle manufacturer VinFast has purchased a new $500m electric vehicle (EV) facility in Thoothukudi, Tamil Nadu, India.

Occupying 400 acres within the industrial area of ​​the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), the EV plant is expected to produce up to 150,000 vehicles annually and will meet the export demand of countries in South Asia, the Middle East and Africa.

According to Pham Sanh Chau, Chief Executive Officer of VinFast India, “VinFast’s groundbreaking ceremony for its plant in Thoothukudi, Tamil Nadu, is an important step towards sustainable and green mobility in India. By establishing an integrated EV facility, the company’s mission of job creation, green transportation, and strategic partnerships strengthen VinFast’s position as a major player in the electric vehicle industry. This milestone strengthens the relationship between the strong economies of Vietnam and India, and underscores VinFast’s commitment to the future of zero-emission transportation, setting the stage for economic growth, innovation, and environmental sustainability in the region.

The Indian EV market has grown rapidly over the past few years. According to Bain and Company reportEVs could account for more than 40% of the country’s car market while generating more than $100bn in revenue by 2030.

The project joins an existing manufacturing plant in Vietnam and proposed future plants in the United States and Indonesia. In addition to manufacturing facilities, VinFast plans to establish a national dealer network to connect with customers across India.

This year in January, the company announced plans to build a new subsidiary in the Philippines.

Established in 2017, VinFast is a subsidiary of Vingroup Joint Stock Company, a Vietnam-based conglomerate focused on technology, manufacturing, real estate development, retail and services ranging from healthcare to hospitality.

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