VinFast’s factory in India is 90% complete and is expected to start production within 2-3 months. The groundbreaking ceremony took place on February 25, 2024, with a budget of $500 million for a 160ha factory in Thoothukudi. The designed capacity is 150,000 vehicles per year, creating 3,500 local jobs. India is seen by VinFast as a key market with a population of 1.4 billion and policies supporting electric vehicles. Thoothukudi is emerging as a center for electric vehicle production in Tamil Nadu, which has over 400 parts manufacturers. VinFast plans to import about 2,000 containers of components for official production in May and will inaugurate the factory in June. The initial phase will focus on the domestic market before expanding globally. Investment in Tamil Nadu aims to tap into the potential of the world’s third-largest auto market and solidify VinFast’s global presence.
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