In a significant development for Tamil Nadu's industrial landscape, Chief Minister
MK Stalin
laid the foundation stone for Vietnamese
electric vehicle
manufacturer
VinFast Auto
's new
facility
in Tuticorin on Sunday. VinFast, a prominent rival to American EV giant Tesla, has committed investments totaling Rs 16,000 crore for this venture in the state.
This move by
VinFast
follows closely on the heels of the signing of a Memorandum of Understanding (MoU) with the Tamil Nadu government, a mere 50 days ago, during the
Global Investors Meet
hosted by the
DMK-led administration
in January.
Stalin expressed optimism about the future prospects, citing the substantial investments and job creation potential associated with this project. VinFast plans to invest Rs 4,000 crore in the initial phase, creating 3,500 jobs in the Tuticorin region over the next five years.
Once operational, the plant is projected to have a production capacity of 1.50 lakh vehicles, indicating the scale of VinFast's ambitions in the Indian market.
VinFast's CEO for India, Pham Sanh Chau, emphasized the company's commitment to sustainable mobility with the groundbreaking ceremony, highlighting their focus on job creation and strategic partnerships.
India holds strategic importance in VinFast's global expansion strategy, leveraging the country's burgeoning market potential. Alongside manufacturing, the company aims to establish a widespread dealership network to bolster its brand presence and engage with customers effectively.
Tamil Nadu's Minister for Industries, TRB Rajaa, underscored the significance of this project in fostering industrial growth and youth employment across the state's districts.
Established in 2017, VinFast boasts a state-of-the-art automotive manufacturing complex in Hai Phong, Vietnam, notable for its high level of automation.
English (US) ·