T.N. CM Stalin lays foundation stone for VinFast’s electric car unit in Thoothukudi
The Hindu
Tamil Nadu CM lays foundation for VinFast electric car plant in Thoothukudi, creating jobs and boosting green transportation.
Tamil Nadu Chief Minister M.K. Stalin on Sunday, February 25, 2024 laid the foundation stone for Vietnam-headquartered VinFast Auto Limited’s electric car manufacturing facility coming up on 408 acres in SIPCOT Industrial Complex at Sillaanaththam on the outskirts of Thoothukudi at an outlay of ₹16,000 crore.
In the first phase, the Vietnamese firm will invest ₹4,000 crore, which represents significant step towards strategic partnership between VinFast Auto and the Tamil Nadu Government aimed at advancing the development of green transportation.
Following the signing of Memorandum of Understanding (MoU) between VinFast and Government of Tamil Nadu on January 6 last during the Global Investors’ Meet held in Chennai, the Chief Minister has laid the foundation stone for the manufacturing facility, which is expected to have annual production capacity up to 1.50 lakh units and create up to 3,500 new jobs in the first phase. When the entire quantum of ₹16,000 is invested, it will create direct and indirect jobs to around 10,000 persons.
With this venture, Thoothukudi has become the third auto hub of Tamil Nadu after Chennai and Hosur and Tamil Nadu is the only State in India to have three auto hubs.
“The VinFast Tamil Nadu project aims to develop into a first-class electric vehicle production hub in the region. This facility not only caters development objectives in the Indian market, but also serves export demands to South Asian, Middle Eastern and African countries. Additionally, the project will catalyze green transportation development which is key agenda for the Government of India and the States of curtailing carbon emissions in the transport sector, targeting 30% of newly registered private cars to be electric,” said Pham Sanh Chau, chief executive officer, VinFast India.
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, Mr. Pham noted.
The first car from the upcoming facility would be rolled-out from 15 months from the date of commencement of the civil work that started on Sunday.
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