WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Hanoinews
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.

 

RELATED NEWS
TAG: Vinfast International growth Electric Vehicle
Other news
20:54, 2024/10/07
Ambassadors' spouses perform ao dai parade at Thang Long Imperial Citadel
Hanoi Tourism's Ao Dai Festival is expected to establish itself as an annual autumn tourism attraction in the capital city.
21:46, 2024/10/06
Hanoi's socio-economic and cultural achievements on display
The exhibition offers a panoramic view of the entire process of 70 years of development of the capital.
17:57, 2024/10/06
Thang Long Imperial Citadel celebrates Capital Liberation with a host of activities
The exhibitions will be open to visitors from October 5 at the Thang Long Imperial Citadel World Heritage Site, 19 Hoang Dieu Street, Ba Dinh District, Hanoi.
08:58, 2024/10/06
"Cultural Festival for Peace": Historic takeover of Hanoi
The celebration marks Hanoi's 70 years of development since the people's army took over the city from French colonialists to its today development.
08:42, 2024/10/06
Hanoi’s thousands-year tradition valuable for development: Mayor
The culturally-rich values have represented Hanoi’s essence passed down for generations and nurturing the city’s development.
04:17, 2024/10/06
Cultural Festival for Peace to promote Hanoi as a peaceful destination
The Cultural Festival for Peace program is an opportunity to celebrate Hanoi's historical traditions while showcasing the city as a beacon of peace to the world.