VinFast, Vietnam's EV Company, to Commence Construction of Tennessee Factory this Sunday

VinFast, the Vietnam-based electric vehicle manufacturer, is set to commence construction on its new EV factory in Thoothukudi, southern Tamil Nadu, following the signing of an agreement with the State government over a month ago.

The initial phase of the integrated EV facility will see an investment of $500 million over five years, according to company statements.

Industry sources suggest that the factory will produce both electric two-wheelers and electric cars, signaling VinFast's ambitious plans for its new venture.

The groundbreaking ceremony, scheduled just a month after the MoU announcement, underscores VinFast's commitment to its rapid global expansion strategy.

Once fully operational, the Tamil Nadu facility is expected to have an annual capacity of up to 150,000 units, catering not only to the Indian market but also to countries across South Asia, the Middle East, and Africa. The project is projected to generate employment opportunities for 3,000-3,500 individuals.

VinFast envisions its Indian factory as a key component in its strategy to establish itself as a premier regional electric vehicle manufacturing hub.

HBL