Billionaire Pham Nhat Vuong’s VinFast Spending $500 Million To Increase EV Manufacturing unit In India
VinFast—managed by Vietnam’s richest particular person Pham Nhat Vuong—is spending $500 million to triple its EV manufacturing capability in India inside a number of years.
The enlargement may even allow the corporate’s current manufacturing facility within the southern Indian state of Tamil Nadu to provide electrical buses, e-scooters and charging infrastructure, New York-listed VinFast stated in a assertion. The facility, which began producing electrical vehicles in August, is Vinfast’s first abroad plant.
“The proposed expansion of the Tamil Nadu plant will enable us to broaden our product lineup in India, allowing us to meet a wider range of customer needs,” Pham Sanh Chau, CEO of VinFast Asia, stated within the assertion. “VinFast believes that Tamil Nadu will continue to serve as a strategic hub in our global expansion journey and will play an important role in supporting India’s green mobility goals.”
The enlargement challenge—which might improve annual manufacturing capability in India to 150,000 from 50,000 at present—is the second section of an current $2 billion dedication to scale up its operations in India. The authorities of Tamil Nadu is allocating a further 200 hectares proper subsequent to VinFast’s current manufacturing facility, which websites on a 160-hectare property.
Based within the port metropolis of Hao Phong in northeastern Vietnam, VinFast has been scaling up shipments globally whilst the corporate stays within the crimson. It delivered 110,362 EVs within the first 9 months of the yr, surpassing 97,399 deliveries in the entire of 2024. In India, it plans to extend its vendor community to 35 retailers by the tip of the yr from 24 at present.
With a real-time internet price of $14 billion, Pham has pursuits in actual property, retail, healthcare, training, and expertise by way of his flagship Vingroup. He constructed his fortune from an immediate noodles enterprise he began in Ukraine in 1993. He offered that enterprise to Nestle in 2010 and constructed certainly one of Vietnam’s most diversified conglomerates.