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VinFast builds new factory in India, reinforcing global reach
Hoang Nam 20:25, 2024/02/26
Beyond production, VinFast aims to create 3,000-3,500 jobs for residents and contribute to the region's economic growth.
Representatives of the two sides at the groundbreaking ceremony for an EV factory in the southern state of Tamil Nadu, India. Photo: SOHA

Vietnamese electric vehicle (EV) leader VinFast has broken ground on its first EV factory in the southern state of Tamil Nadu, India, in a move seen as a turning point in its global journey.

Located in the SIPCOT Industrial Park of Thoothukudi, this state-of-the-art facility represents a $500 million initial investment over five years. With a targeted production capacity of 150,000 vehicles annually, the factory is poised to become a significant player in India's booming automotive sector, the world's third-largest.

Beyond production, VinFast aims to create 3,000-3,500 jobs for residents and contribute to the region's economic growth. The company also prioritizes sustainable practices by working with local suppliers and fostering a high level of localization within the manufacturing process.

Building on this robust manufacturing base, VinFast plans to establish a network of dealerships across India. This comprehensive approach will ensure easy access to VinFast vehicles and accelerate the adoption of electric mobility in the country.

VinFast's commitment to India goes beyond commercial endeavors. The company aims to strengthen the comprehensive strategic partnership between Vietnam and India and consolidate the positive relations between the two nations.

Founded in 2017 by Vietnamese conglomerate Vingroup, VinFast is a young EV company experiencing rapid growth. Last year, after debuting on the Nasdaq stock exchange, VinFast achieved a valuation of $85 billion.

In a report published on October 5 last year, VinFast announced its goal of establishing manufacturing plants in 50 countries worldwide, starting with India.

 

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