Tamil Nadu Chief Minister M K Stalin inaugurated the groundbreaking ceremony for VinFast Auto Ltd‘s electric vehicle car and battery manufacturing facility. The company has committed investments of Rs 16,000 crore in the state for this project.
VinFast is a Vietnamese automotive manufacturer established in 2017 as a subsidiary of the Vingroup, one of Vietnam’s largest private enterprises. The company aims to produce high-quality vehicles that meet international standards while showcasing Vietnam’s engineering capabilities. VinFast’s product range includes EV cars, sedans, SUVs, and electric motorcycles, with a focus on innovation, sustainability, and customer satisfaction.
The company has made significant strides in the automotive industry, both domestically and internationally, with plans for expansion into global markets. VinFast’s commitment to cutting-edge technology, design, and environmental responsibility sets it apart as a forward-thinking automotive brand with a vision for the future.
The electric vehicle manufacturer from Vietnam inked a memorandum of understanding with the Tamil Nadu government for the factory during the inaugural Global Investors Meet organized by the DMK government in January. An official mentioned on Sunday that the groundbreaking ceremony would exemplify Tamil Nadu’s business-friendly environment and demonstrate the government’s dedication to expediting approval processes, as the event is scheduled just 50 days after the MoU was signed.
VinFast Auto Ltd is set to inject Rs 4,000 crore in the initial stage, creating 3,500 job opportunities in the Tuticorin area. Upon commencement, the plant will be capable of manufacturing 1.50 lakh vehicles. Minister for Industries T R B Rajaa hailed this development as a significant achievement for South Tamil Nadu, noting that the MoUs signed during the Tamil Nadu Global Investors Meet 2024 are swiftly translating into tangible employment opportunities for the state.
“The inauguration of the VinFast EV factory in Tuticorin by the CM marks the beginning of a promising era for South Tamil Nadu,” he announced in a social media update. “Witness how swiftly we initiated the VinFast project. From signing the MoU in January to breaking ground in February, the progress has been remarkable. I extend my gratitude to the Chairman of VinGroup, CEO Pham Sanh Chau, and the entire VinFast team for their trust in Tamil Nadu,” he added.
He emphasized that the project showcases the CM’s dedication to promoting industrial growth across the state and generating employment opportunities for the youth in every district. According to him, the ceremony signifies the start of a cutting-edge manufacturing unit and the establishment of a complete new industrial hub in South TN. He stated, “This new industrial hub will enable the residents of this area to achieve their aspirations by fostering prosperity, akin to the success witnessed in other hubs such as Chennai and Hosur.”
