+
Vietnamese EV Maker VinFast to Expand to India
POWER & RENEWABLE ENERGY

Vietnamese EV Maker VinFast to Expand to India

Vietnam's VinFast is planning to establish car assembly plants in India, aiming to capitalize on the growing demand for electric vehicles (EVs) in the world's third-largest automobile market. VinFast announced its intention to set up completely knocked down (CKD) facilities in both India and Indonesia as part of its strategy to expand its global presence.

These CKD facilities in Indonesia and India are designed with a combined planned capacity of up to 50,000 cars per year and an estimated initial capital expenditure ranging from $150 million to $200 million. VinFast anticipates commencing production by 2026.

VinFast aims to tap into the significant potential for increased EV adoption in India and Indonesia, where EV penetration currently stands at just 1%. These CKD facilities in these markets offer access to government incentives for local manufacturing, relief from certain tariffs and taxes, as well as favorable rates for raw materials.

Additionally, VinFast has streamlined its capital expenditure plan for global manufacturing in 2024 and 2025, expecting to realize savings of approximately $400 million compared to earlier projections. These cost savings will be allocated towards the establishment of CKD factories in Indonesia and India.

While VinFast is actively hiring in India for various positions, it has not disclosed the specific location of its planned facility in the country. If it proceeds with its India expansion, VinFast will compete with local automakers such as Tata Motors and Mahindra & Mahindra, both of which already offer EVs in the Indian market.

The Indian government has set an ambitious goal of achieving a 30% share of EVs for private cars by 2030.

VinFast, backed by Vietnam's largest conglomerate Vingroup, reported a 159% year-on-year increase in third-quarter revenue, reaching 8.25 trillion Vietnamese dong ($338 million). However, its net loss widened from 11.2 trillion Vietnamese dong to 15 trillion Vietnamese dong. The company delivered 10,027 EVs in the July-September quarter, a substantial increase compared to the 153 units delivered in the same period the previous year.

Vietnam's VinFast is planning to establish car assembly plants in India, aiming to capitalize on the growing demand for electric vehicles (EVs) in the world's third-largest automobile market. VinFast announced its intention to set up completely knocked down (CKD) facilities in both India and Indonesia as part of its strategy to expand its global presence. These CKD facilities in Indonesia and India are designed with a combined planned capacity of up to 50,000 cars per year and an estimated initial capital expenditure ranging from $150 million to $200 million. VinFast anticipates commencing production by 2026. VinFast aims to tap into the significant potential for increased EV adoption in India and Indonesia, where EV penetration currently stands at just 1%. These CKD facilities in these markets offer access to government incentives for local manufacturing, relief from certain tariffs and taxes, as well as favorable rates for raw materials. Additionally, VinFast has streamlined its capital expenditure plan for global manufacturing in 2024 and 2025, expecting to realize savings of approximately $400 million compared to earlier projections. These cost savings will be allocated towards the establishment of CKD factories in Indonesia and India. While VinFast is actively hiring in India for various positions, it has not disclosed the specific location of its planned facility in the country. If it proceeds with its India expansion, VinFast will compete with local automakers such as Tata Motors and Mahindra & Mahindra, both of which already offer EVs in the Indian market. The Indian government has set an ambitious goal of achieving a 30% share of EVs for private cars by 2030. VinFast, backed by Vietnam's largest conglomerate Vingroup, reported a 159% year-on-year increase in third-quarter revenue, reaching 8.25 trillion Vietnamese dong ($338 million). However, its net loss widened from 11.2 trillion Vietnamese dong to 15 trillion Vietnamese dong. The company delivered 10,027 EVs in the July-September quarter, a substantial increase compared to the 153 units delivered in the same period the previous year.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?