Chennai, Feb 26 (KNN) VinFast Auto Ltd has swiftly initiated the construction of its electric vehicle car and battery manufacturing facility in Tamil Nadu, just 50 days after signing a Memorandum of Understanding (MoU) with the Vietnam-based EV maker.

Tamil Nadu Chief Minister M K Stalin laid the foundation stone for this ambitious project, which entails investments of Rs 16,000 crore for the state, on Sunday.

The MoU between VinFast and the Government of Tamil Nadu was inked during the Global Investors Meet hosted by the state government in January.

As part of the initial phase, VinFast will invest Rs 4,000 crore over the next five years, generating 3,500 job opportunities in the Tuticorin region. Once operational, the facility is poised to have a production capacity of 1.50 lakh vehicles.

Minister for Industries T R B Rajaa hailed this development as a significant milestone for south Tamil Nadu.

"A significant milestone for Tamil Nadu with MoUs from the Tamil Nadu Global Investors Meet 2024 being quickly converted into jobs for the state," he stated.

VinFast's entry into the Indian market aligns with its strategic global expansion plan, targeting the burgeoning electric vehicle segment.

The company's integrated electric facility is anticipated to bolster the economic growth of the region. In addition to the manufacturing facility, VinFast aims to establish a nationwide dealership network to solidify its brand presence.

The company is dedicated to offering premium quality products, competitive pricing, and exceptional after-sales services, with the goal of making electric mobility widely accessible and positioning itself as the preferred EV brand in the country.

(KNN Bureau)