it is anticipated that the ambitious project will greatly enhance employment and skill enhancement within the local community, creating between 3,000 and 3,500 employment opportunities.
VinFast, a major Vietnamese electric vehicle (EV) company, has revealed plans to build a state-of-the-art integrated EV facility in Tamil Nadu. The company declared in an official statement on Saturday that it will contribute up to $2 billion to this ambitious project.
has allocated $500 million for the project’s first phase, which will take place over a full five years from the project’s inception, in an attempt to jumpstart this revolutionary endeavor.
This crucial step is being taken as VinFast gets ready to sign a Memorandum of Understanding (MoU) with the state government of Tamil Nadu. This historic agreement will make it possible to establish an electric vehicle manufacturing plant in Thoothukudi. According to ET, the company plans for this hub to develop into a world-class facility for the production of electric vehicles, able to produce up to 150,000 units annually.
VinFast’s strategic investment is in line with its larger goal of taking advantage of India’s growing electric vehicle (EV) market,
which is considered to be one of the fastest growing industries in the world. The facility’s construction is expected to start in 2024, giving VinFast a strategic advantage to grab expansion opportunities and forge a strong presence in important global markets.
It is anticipated that the ambitious project will greatly enhance employment and skill enhancement within the local community, creating between 3,000 and 3,500 employment opportunities.
