VinFast to begin construction of EV plant in Tamil Nadu on February 25, 2024

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VinFast Auto, Vietnam’s electric vehicle manufacturer has announced its plans to commence construction at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu on February 25, 2024. The partnership between VinFast and the Government of Tamil Nadu began with a Memorandum of Understanding (MoU) announced on January 6, 2024. The collaboration involves an intended commitment of USD 500 million for the first phase of the integrated EV facility over five years.

According to the official statement, the facility in Tamil Nadu is projected to generate approximately 3,000 to 3,500 local job opportunities. The VinFast Tamil Nadu project aims to establish an electric vehicle production hub in the region, with a potential annual capacity of up to 150,000 units. The project aligns with India’s goal to reduce carbon emissions in transportation, aiming for 30% of new private cars to be electric. This facility is intended to serve the Indian market and meet export demands in South Asian, Middle Eastern, and African countries.

Also read: ADB leads $135 million climate financing package for VinFast to support e-mobility in Vietnam