TAMIL NADU, INDIA – Media OutReach Newswire – January 6, 2024 – VinFastVietnam leading electric vehicle (EV) makerand Tamil Nadu State Government announce historic partnership in Memorandum of Understanding (MoU) to charge the development of green transport in India.
VinFast and the state government will work to A total investment of until 2 billion dollars, with a planned commitment of $500 million for the first phase of the P.project, spanning five years from the start date. This decision indicates an important stage at VinFast t-expansionit is the third largest in the world vehicle walk.
The India expansion plan aims to capture growth opportunities in the world’s most populous country and the rapidly growing electric vehicle market. This initiative is a crucial part of VinFast’s strategy to establish a strong presence in key markets and strengthen its supply chain for global expansion.
The establishment of VinFast’s integrated electric vehicle factory in Tamil Nadu is expected to generate around 3,000-3,500 employment opportunities locally. In addition to creating jobs and upskilling the local workforce, VinFast remains committed to fostering gender equality and providing career advancement opportunities to the community.
Located in Thoothukudi, the VinFast Tamil Nadu project aims to become a premier electric vehicle production hub in the region, with an annual capacity of up to 150,000 units. Construction of the plant is expected to begin in 2024. This project aims to lay a strong foundation for the economic growth of Tamil Nadu and India as a whole.
In addition to the economic benefits, the project will also pave the way for the development of green transport, aiming for 30% of newly registered passenger cars to be electric. This is in line with State Government initiatives to minimize carbon emissions in the transport sector.
MS. Tran Mai Hoa, Deputy CEO of Sales and Marketing, VinFast Global sharing: “The The memorandum of understanding demonstrates VinFast’s strong commitment to THE sustainable development and vision of zero-emission transport future. We believe that investing in Tamil Nadu will not only bring considerable economic benefits for both parties, but will also help accelerate the green energy transition in India and the region.“
Mr. Thalikotai Raju Balu Rajaa, MinisterEast of Industries of the Government of Tamil Nadu, said: “VE manufacturing companies are not only important economic drivers, but also powerful accelerators has THE Statethe green vision of. We are delighted that VinFast has chosen to invest in Tamil Nadu to establish its integrated installation for electric vehicles. Possess robust capabilities and an unwavering commitment to a sustainable future, I believe VinFast will emerge as a reliable economic partner and substantial contributor to from Tamil Nadu long term development.”
VinFast’s green transport development project is its third manufacturing project and the largest investment in the history of Tamil Nadu. Considering the tangible economic and social benefits generated by the implementation of the project, the Government of Tamil Nadu is also committed to providing cleared land for manufacturing facilities, uninterrupted power supply and other infrastructure, to the extent possible. Additionally, both parties will continue to collaborate and discuss possibilities for charging stations to move towards a future of clean mobility.
This investment decision in Tamil Nadu leads to mutual economic growth for VinFast and the state, while strengthening the overall strategic partnership between Vietnam and India.
Apart from building manufacturing facilities in Tamil Nadu, VinFast also intends to inaugurate a nationwide dealership network. This approach is all about establishing a strong brand presence and quickly connecting with customers across the country.
As Vietnam’s leading electric vehicle manufacturer with global aspirations, VinFast’s relentless dedication to innovation and research propels the company towards its goal of being a global leader in the electric vehicle industry and its commitment to a sustainable future for all.
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