Vinfast invests RM9 billion to set up EV factory in India

EVEN in the face of challenges in the United States, Vietnamese EV manufacturer Vinfast continues to move forward by announcing plans to build a new factory in India.

The factory to be constructed in Thoothukudi, Tamil Nadu is expected to cost around $2 billion (RM9.29 billion), with $500 million earmarked for the first phase of the project.

Construction of the Vinfast factory will commence this year, expected to operate with a workforce of about 3,000 to 3,500 people, and an annual production capacity of up to 150,000 units.

In addition to announcing the construction of the third factory, Vinfast will also establish a distribution network throughout India.

Speaking at the signing ceremony of the memorandum of understanding, Vinfast Global Deputy CEO Tran Mai Hoa stated that this latest move demonstrates Vinfast’s commitment to sustainable development and the vision of zero-emission transportation.

“We believe that by investing in Tamil Nadu, we will not only bring significant economic benefits to both sides, but also help accelerate the transition to green energy in India and the region.”

So far, Vinfast has already offered a range of electric-powered products in specific markets, such as VF3, VF5, VF6, VF7, VF8, and VF9.