VinFast Drives Into India's EV Market with Strategic Expansion

Vietnam's prominent conglomerate, Vingroup, is gearing up for a major foray into the Indian market with the establishment of a $2 billion plant in Tamil Nadu's Thoothukudi. The group's electric vehicle arm, VinFast, is strategizing to introduce its VF7 and VF6 models in India ahead of the upcoming festival season.

In addition to its current endeavors, Vingroup is engaging in discussions with the Andhra Pradesh and Telangana governments to potentially expand its operational footprint within India. The selection of Thoothukudi as a strategic location was influenced by its logistical advantages, including a nearby port and airport, as confirmed by VinFast Asia CEO Pham Sanh Chau.

Chau expressed confidence in India as a promising market, supported by favorable investment conditions and cooperative federal and state governments. Backed by a strong history of India-Vietnam relations, Vingroup's expansion plans also highlight its broader presence in Southeast Asia and recent ventures into the US market.

(With inputs from agencies.)