Various facilities including various subsidies provided by the Indian government are attracting various automobile companies from the country and abroad. As a result, they are showing interest in manufacturing cars on Indian soil. One of which is Vietnam’s electric vehicle (EV) manufacturer, VinFast. The company has laid the foundation stone for a factory in Tamil Nadu to manufacture electric cars amid speculation about Tesla’s arrival in India.
VinFast is building factories in India
Vinfast has signed an MoU with the Tamil Nadu government. The factory set up there will produce 150,000 cars annually. It is estimated that 3,000 to 3,500 jobs will be created once the work is in full swing. Apart from selling in India, the car will also be exported to international markets. State Chief Minister MK Stalin, Industries Minister TRB Raja and Industries Secretary V Arun Roy were present on the foundation stone ceremony.
After tie-up with the Tamil Nadu government, Vinfast said it will invest $200 crore or around Rs 16,638 crore. However, the company said that it will invest 500 million dollars or about 4,160 crore rupees in the first five years.
Pham Sun Chahu, CEO, Vinfast India said, “Vinfast’s foundation stone laying ceremony in Tamil Nadu is an example of significant progress in long-term and eco-friendly transportation in India. It will create huge employment. Also the local economy will be strengthened.” Vinfast has set a target to build dealership network across the country. However, there is no word yet on which EV model they will sell in India.
