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Vietnam’s leading electric vehicle (EV) company VinFast has announced plans to establish a state-of-the-art integrated EV facility in Tamil Nadu. In an official statement released on Saturday, the company confirmed its commitment to invest up to $2 billion in this ambitious project.
In an effort to launch this transformative undertaking, VinFast has allocated an initial $500 million for the first phase of the project and planned a comprehensive timeline for the first five years.
This pivotal move comes as VinFast is preparing to sign a Memorandum of Understanding (MoU) with the Government of Tamil Nadu. This landmark agreement will pave the way for setting up an EV manufacturing facility in Thoothukudi. According to a report in ET, the company envisions this hub to evolve into a premier electric vehicle production center with an annual production capacity of up to 150,000 vehicles.
VinFast’s strategic investment is in line with the company’s broader ambitions to capitalize on India’s burgeoning EV market, considered one of the fastest expanding sectors in the world. Construction of the facility is scheduled to begin in 2024, strategically positioning VinFast to seize growth opportunities and gain a strong foothold in key markets around the world.
This ambitious project is expected to create 3,000 to 3,500 job opportunities within the local community and make a significant contribution to employment and skills development.
Mr. TRB Raja, Minister of Industries, Tamil Nadu, expressed his enthusiasm about VinFast’s decision to invest in Tamil Nadu, highlighting the company’s capabilities and commitment to sustainable development. “We believe that VinFast will emerge as a reliable economic partner and contribute significantly to the long-term development of Tamil Nadu,” Minister Rajya said.
This major investment by VinFast will be its third manufacturing project and the largest investment in the history of Tamil Nadu. To support this effort, the state government has committed to providing essential support such as land clearing, uninterrupted power supply, and other necessary infrastructure for manufacturing facilities.
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