This EV maker plans expansion in India after investing Rs 171201216200 in…, not Elon Musk Tesla, China's BYD name is….
Vietnam's Vingroup, which is establishing a $2 billion facility in Thoothukudi, Tamil Nadu, is also exploring opportunities to expand its presence in India through discussions with the governments of Andhra Pradesh and Telangana. Its electric vehicle (EV) division, VinFast, is preparing to introduce its VF7 and VF6 models in the Indian market ahead of the festive season this year.
'We visited several states and inspected multiple locations…before finally zeroing in on Thoothukudi in Tamil Nadu because of the logistical advantages it offers… with a port and airport nearby,' VinFast Asia CEO Pham Sanh Chau told PTI here.
The launch of VF7 and VF6 — likely before the festival season this year –will mark the entry of Vingroup, one of the leading conglomerates of Vietnam, into the Indian market.
'Yes, we are in talks with other states as well. Our group sees India as a key market, and we could have a bigger presence there,' Chau said.
Apart from Tamil Nadu, negotiations are underway with Telangana and Andhra Pradesh governments to set up facilities there.
Electric vehicles are rapidly being embraced in both Tier 2 and Tier 3 cities and VinFast will establish an appropriate brand presence across India and continue to expand its dealership network based on the potential of each city, the company said in a statement.
'The federal government (Centre) in India as well as the state government in Tamil Nadu were supportive, and talks progressed well, enabling us to enter the country with the plant in Thoothukudi, where work progressed very fast over the past 15 months,' Chau said.
Chau highlighted a strong history of relations between India and Vietnam 'dating back to the days of President Ho Chi Minh and Mahatma Gandhi'.
'These apart, the current investment environment in India is very attractive and we knew it was the right time to enter the country,' Chau, who was an ambassador from Vietnam to India for five years, said.
It has also entered the US market with its EVs. In the past three decades since it was founded in 1993, the Vingroup has grown into Vietnam's largest private multi-sector corporation and one of the region's leading economic players, the group said.
The Vingroup has a significant presence in the industrials and technology sector through VinFast, and the real estate and hospitality segment via Vinhomes and Vinpearl.
Through the social enterprise sector, a non-profit initiative, the group allocates large amounts of funds annually to charitable causes — healthcare (Vinmec), education (Vinschool and VinUniversity), and scientific advancement (VinFuture), the company added.
(With inputs from PTI)
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