Vietnam's VinFast plots deeper India push after $2 bn Tamil Nadu bet, eyes Andhra and Telangana
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Vietnamese conglomerate Vingroup is accelerating its expansion into the Indian market through its electric vehicle EV ) arm VinFast , which is actively engaging with several state governments and preparing for a key product launch. The introduction of its VF7 and VF6 models, expected before the upcoming festival season, will mark the official entry of Vingroup, one of Vietnam's leading conglomerates, into India.The company has already committed $2 billion to setting up an EV manufacturing plant in Thoothukudi, Tamil Nadu, selected for its strategic location and infrastructure. "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," said VinFast Asia CEO Pham Sanh Chau, speaking to PTI.In addition to Tamil Nadu, VinFast is currently in discussions with the governments of Telangana and Andhra Pradesh to establish additional facilities. "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.The company noted that electric vehicles are rapidly gaining traction in Tier 2 and Tier 3 cities across India. VinFast plans to establish a strong brand presence and expand its dealership network based on the growth potential of each city."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 added.Chau also emphasized the long-standing ties between India and Vietnam, stating that the relationship "dates back to the days of President Ho Chi Minh and Mahatma Gandhi". He added, "These apart, the current investment environment in India is very attractive and we knew it was the right time to enter the country." Chau previously served as Vietnam's ambassador to India for five years.Beyond Vietnam, Vingroup already operates in Indonesia and the Philippines, and has also entered the US market with its EV offerings.Since its founding in 1993, Vingroup has grown into Vietnam's largest private multi-sector corporation. The company has a significant footprint in the industrials and technology sectors through VinFast and is a key player in real estate and hospitality through Vinhomes and Vinpearl. The group also invests heavily in social enterprises, channeling substantial funds into healthcare (Vinmec), education (Vinschool and VinUniversity) and scientific research (VinFuture) as part of its non-profit initiatives.
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