VinFast drives into State, to fuel growth in southern dists
The company has committed an investment of Rs 16,000 crore to set up the integrated EV manufacturing unit
CM Stalin and VinFast India CEO Pham Sanh Chau with Buddhist monks from Vietnam
MADURAI: In a major boost for the industrial development of south Tamil Nadu, Chief Minister MK Stalin laid the foundation stone for Vietnamese automobile giant VinFast Auto’s electric vehicle manufacturing unit Sillanatham SIPCOT in Thoothukudi on Sunday.
The company has committed an investment of Rs 16,000 crore to set up the integrated EV manufacturing unit, of which Rs 4,000 crore would be invested in the first phase over the next five years. Once completed, the plant would produce 1,50,000 vehicles and provide employment to 3,500 people – 10,000 jobs overall.
According to the plan charted by VinFast, it would produce seven varieties of electric cars, five variants of electric scooters, and two variants of e-buses.
“The foundation stone was laid within just 50 days after the memorandum of understanding was signed [at the Global Investors Meet in Chennai in January]. It is evident that Tamil Nadu offers a suitable climate for investors and the State government is keen to provide the required support to entrepreneurs,” said Chief Minister Stalin. Once this plant is commissioned, it would strengthen Tamil Nadu’s stature as the auto hub and EV capital of India, he added.
Speaking at the groundbreaking ceremony, Industries Minister TRB Rajaa said Vin Group chairman Pham Nhat Vuong has aimed to complete construction and start production within just 15 months.
Rajaa pointed out that investment tied in with the State government’s focus on distributed growth and providing high-skill jobs to the educated youth in backward districts, which would contribute significantly to the overall socio-economic development of south Tamil Nadu. “The Chief Minister has asked me to reassure them that the Ministry will support them in all ways possible to make them reach their record target of starting manufacturing early in the first half of 2025 and also make the expats of Vietnam feel at home here,” he said.
Speaker M Appavu, Ministers KKSSR Ramachandran, Thangam Thennarasu, P Geetha Jeevan, Anitha K Radhakrishnan, Thoothukudi MP K Kanimozhi, and senior officials were present during the function.