"VinFast's $2 Billion Move: Vietnamese EV Maker Expands into India with Major Investment"
Vietnamese electric vehicle manufacturer VinFast has signed a memorandum of understanding with the Tamil Nadu government in India to invest up to $2 billion in setting up an integrated EV facility. The initial investment will be $500 million for a facility with an annual capacity of 150,000 units, expected to create 3,000-3,500 jobs. VinFast, which entered the EV market in 2021 and is listed on Nasdaq, aims to expand its global footprint and contribute to India's green energy transition, despite facing financial challenges and criticism in its existing markets. The investment aligns with India's goal of 30% electrification by 2030 and will include the development of a dealership network across the country.