VinFast to break ground for integrated EV facility in India

By Minh Hue
Wed, February 21, 2024 | 10:05 pm GMT+7

VinFast Auto, the electric vehicle (EV) arm of Vietnamese conglomerate Vingroup, will break ground on its integrated manufacturing project in Thoothukudi city, Tamil Nadu, India this Sunday.

The move represents a significant step towards a strategic partnership between VinFast and the state government that aims to advance the development of green transportation in India and the region, the automobile manufacturer said in a release.

The VinFast auto manufacturing complex in Hai Phong city, northern Vietnam. Photo courtesy of the company.

The VinFast auto manufacturing complex in Hai Phong city, northern Vietnam. Photo courtesy of the company.

The partnership between VinFast and the government of Tamil Nadu, which began from the signing of a memorandum of understanding (MoU) on January 6, aims toward an intended commitment of $500 million for the first phase of the integrated EV facility, spanning five years from the commencement date.

This move is a significant milestone in VinFast's global expansion strategy of venturing into one of the world's fastest growing major economies and its burgeoning EV market, according to the company.

The groundbreaking ceremony took place just over a month after the announcement of the MoU with the state government affirming VinFast's strong determination for its global expansion plan.

VinFast’s integrated EV manufacturing facility in Tamil Nadu is projected to offer 3,000-3,500 local job opportunities, demonstrating its commitment to the state’s socio-economic development.

The VinFast Tamil Nadu project aims to develop into a first-class EV production hub in the region, with an annual capacity of up to 150,000 units. The facility will not only cater to development objectives in the Indian market, but also exports to South Asian, Middle Eastern and African countries.

It will also catalyze green transportation development which is a key agenda by the government of India and the state to curtail carbon emissions in the transport sector, targeting 30% of newly registered private cars to be electric.

As Vietnam’s leading EV manufacturer with global aspirations, VinFast's relentless dedication to innovation and research is pushing the company towards its goal of being a global leader in the EV industry.

The company delivered 34,855 EVs around the world in 2023, according to a filing with U.S.-based stock exchange Nasdaq. The year’s total included 13,513 units delivered in the last quarter of 2023, up 35% over the previous quarter.

However, the number of deliveries in 2023 fell short of the target due to slow EV adaptation in some regions amid economic headwinds, VinFast said.

From 2021 when it made its first delivery to end-2023, the manufacturer delivered 42,291 EVs globally.

Comments (0)
  • Read More
PM requests urgent action to prevent cross-ownership, manipulation of credit institutions

PM requests urgent action to prevent cross-ownership, manipulation of credit institutions

Prime Minister Pham Minh Chinh has ordered the Ministry of Public Security to coordinate with the State Bank of Vietnam (SBV) to take urgent action to prevent and deal with cross-ownership and manipulation at credit institutions, ensuring system safety and financial-monetary security.

Banking - Fri, May 3, 2024 | 2:46 pm GMT+7

Samsung Electro-Mechanics to build new factory in Vietnam

Samsung Electro-Mechanics to build new factory in Vietnam

Samsung Electro-Mechanics (SEM), the semiconductor and camera module arm of South Korea chaebol Samsung, is set to build a new factory in Vietnam.

Industries - Fri, May 3, 2024 | 10:19 am GMT+7

Stock market liquidity forecast to pick up at end-Q2

Stock market liquidity forecast to pick up at end-Q2

Real estate investment cash flow remains limited, but money flowing into stocks is likely to be positive at the end of the second quarter, said Dinh The Hien, director of the Institute of Informatics Research & Applied Economics.

Finance - Fri, May 3, 2024 | 10:14 am GMT+7

Ca Mau company director faces legal proceedings for illegal invoice trading

Ca Mau company director faces legal proceedings for illegal invoice trading

Police in the southernmost province of Ca Mau have launched legal proceedings against Dang Quoc Viet, who established three companies to illegally trade 350 invoices for VND130 billion ($5.12 million).

Society - Fri, May 3, 2024 | 9:00 am GMT+7

IMF makes new recommendations for Indonesia’s economy

IMF makes new recommendations for Indonesia’s economy

The International Monetary Fund (IMF) has given some comments on Indonesia’s economy as the country is undergoing a government transition from President Joko Widodo to President-elect Prabowo Subianto.

Southeast Asia - Fri, May 3, 2024 | 8:40 am GMT+7

Indonesia aims at three-fold increase in EV sales this year

Indonesia aims at three-fold increase in EV sales this year

The Indonesian government has set a target for the sales of battery-based electric cars to reach 50,000 units in 2024.

Southeast Asia - Fri, May 3, 2024 | 8:36 am GMT+7

Thailand's economy grows 1% in first quarter

Thailand's economy grows 1% in first quarter

The Bank of Thailand estimates that the country grew by just 1% in the first quarter on both a quarterly and annualised basis, reported the Bangkok Post.

Southeast Asia - Fri, May 3, 2024 | 8:35 am GMT+7

Thailand aims for 5% growth in future food exports

Thailand aims for 5% growth in future food exports

Thailand is targeting future food export growth of 2-5% this year, driven by the global economic recovery and sustainability trends.

Southeast Asia - Fri, May 3, 2024 | 8:34 am GMT+7

Malaysia asserts pioneering role in halal industry

Malaysia asserts pioneering role in halal industry

Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.

Southeast Asia - Fri, May 3, 2024 | 8:33 am GMT+7

Indonesia, Malaysia step up defence cooperation

Indonesia, Malaysia step up defence cooperation

Indonesian Defence Minister Prabowo Subianto and his Malaysian counterpart, Mohamed Khaled Nordin, discussed opportunities for stronger defence cooperation between the two countries at their meeting on Wednesday in Jakarta.

Southeast Asia - Fri, May 3, 2024 | 8:08 am GMT+7

HCMC needs 50,000 apartments per year to meet demand: Savills

HCMC needs 50,000 apartments per year to meet demand: Savills

Ho Chi Minh City will need about 50,000 new apartments each year to meet demand, with 60-70% in the affordable segment, but current supply is falling way short, according to Savills Vietnam.

Real Estate - Fri, May 3, 2024 | 8:00 am GMT+7

Vietnamese retail majors set for prosperous year after robust Q1

Vietnamese retail majors set for prosperous year after robust Q1

Vietnamese retail majors have reported Q1/2024 profits several times higher year-on-year or turned losses into profit after purchasing power recovered significantly during Tet (Lunar New Year) holiday, market observers say.

Companies - Thu, May 2, 2024 | 10:21 pm GMT+7

Vietnam assigns vice chairman to take charge of parliament

Vietnam assigns vice chairman to take charge of parliament

National Assembly standing Vice Chairman Tran Thanh Man has been tasked with running the national parliament after Chairman Vuong Dinh Hue was dismissed from his position.

Politics - Thu, May 2, 2024 | 7:37 pm GMT+7

Vietnam investment environment favorable for strategic M&A opportunities: KPMG

Vietnam investment environment favorable for strategic M&A opportunities: KPMG

With inflation under control, projected growth of 5.8% and public debt kept manageable this year, Vietnam’s investment environment offers strategic opportunities, especially in M&A, says audit and consulting firm KPMG.

Economy - Thu, May 2, 2024 | 4:59 pm GMT+7

PV Gas sees Q1 net profit go down 26% to $99 mln

PV Gas sees Q1 net profit go down 26% to $99 mln

PV Gas, Vietnam’s largest dry gas and LPG supplier, earned consolidated net profits of VND2,511.66 billion ($98.96 million) in Q1/2024, down 26.5% year-on-year.

Companies - Thu, May 2, 2024 | 3:38 pm GMT+7

Key infrastructure projects face site clearance issues, material shortages

Key infrastructure projects face site clearance issues, material shortages

Progress of the Long Thanh international airport project and component projects for the North-South Expressway’s eastern section in the 2021-2025 period is being held back by uneven site clearance and material shortages.

Infrastructure - Thu, May 2, 2024 | 3:35 pm GMT+7