VINFAST ACCELERATES INTO INDIA: GROUNDBREAKING CEREMONY MARKS A MAJOR MILESTONE IN ITS GLOBAL EXPANSION

Thoothukudi, Tamil Nadu, 27th February 2024: VinFast Auto, Vietnam’s leading electric vehicle manufacturer, celebrated a momentous occasion today, with the groundbreaking ceremony for its first manufacturing facility in India. This ceremony not only signifies a major leap in VinFast’s global expansion but also reaffirms its commitment to driving the transition to green mobility locally and worldwide.

The groundbreaking ceremony was graced by Thiru M. K. Stalin, Honorable Chief Minister of Tamil Nadu, Thiru Dr. T. R. B. Rajaa, Honorable Minister for Industries, Government of Tamil Nadu, Thiru V. Arun Roy IAS, Industries Secretary, Member of Parliament – Thoothukudi constituency, Ministers of state, MLAs (Members of Legislative Assembly of Tamil Nadu), senior representatives from the State government and the VinFast India leadership team.

Spanning 400 acres, the new integrated EV plant will be constructed at the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial estate in Thoothukudi, southern Tamil Nadu. This manufacturing facility is part of the initial $500 million (INR 4,000 crore) investment in the project, which will be implemented over the next five years.

Commenting on this historic milestone, Mr. Pham Sanh Chau, CEO, VinFast India, said: “VinFast’s groundbreaking ceremony for its plant in Thoothukudi, Tamil Nadu marks a significant step towards sustainable and green mobility in India. By establishing an integrated electric vehicle facility, the company’s commitment to job creation, green transportation and strategic partnerships solidifies VinFast’s position as a major player in the electric vehicle industry. This milestone strengthens the bonds between the robust economies of Vietnam and India, and underscores VinFast’s dedication to a zero-emission transportation future, setting the stage for economic growth, innovation, and environmental sustainability in the region.”

Dr. T. R. B. Rajaa, Honourable Minister for Industries, Investment Promotion & Commerce, Government of Tamil Nadu, added: “VinFast’s entry into India reaffirms Tamil Nadu’s progressive industrial policies and its role as a global automotive innovation and manufacturing hub. Tamil Nadu will match VinFast’s ambitious growth plans in the country and is committed to making zero-emission mobility widely accessible. We believe the project will substantially contribute to the local economic advancement, job creation, and technical skill development of the people of Tamil Nadu.”

VinFast’s venture in India is part of its strategic global expansion plan, aiming to tap into the rapidly growing electric vehicle segment in India, the world’s third-largest vehicle market by volume. The integrated electric vehicle facility in Thoothukudi is projected to produce around 150,000 cars annually and will contribute to the region’s economic growth, providing employment opportunities for a 3,000 to 3,500-strong workforce.Additionally, the company aims to maximize localization from the outset and collaborate with the best supplier base globally.

VinFast’s investment in Tamil Nadu not only strengthens the comprehensive strategic partnership between Vietnam and India but also reflects the company’s global aspirations, using India as a springboard for its international market expansion. This ceremony underscores its commitment to driving the transition to green mobility locally and globally at an accelerated pace.

In addition to the manufacturing facilities, VinFast plans to establish a nationwide dealership network to build a strong brand presence and swiftly connect with customers across the country. VinFast is committed to providing the Indian market with premium quality products, competitive pricing, and outstanding after-sales services to make electric mobility widely accessible and become the EV brand of choice in the country.