A Vietnamese electric vehicle company will set up a plant in Thoothukudi, TN

Chennai, One reason for optimism in Thoothukudi, one of the southern districts severely affected by the flood in 2023, is that VinFast, a Vietnamese electric car manufacturer, has its eyes set on the district to establish a battery manufacturing plant. According to employees, the corporation intends to invest hundreds of millions of US dollars for the facility, which will be located on 400 acres for the first time in India.

At first, the business intended to take over Ford’s property in Chennai and establish their manufacturing there. However, Ford refused to sell the land, therefore the agreement fell through. According to sources, the chief minister was eager to attract investment to Thoothukudi because of its air and sea connections. Additionally, this will help in creating jobs for the young people who have been moving to Chennai and other areas.

According to what is known, the CM assigned TRB Rajaa, the Industries Minister, to shift the investment to Thoothukudi. Since October, VinFast has been in communication with TRB Rajaa’s office. He recently rushed to Vietnam with a small team to meet with the firm’s leaders. Following two days of negotiations, VinFast agreed to invest in Thoothukudi after the delegation produced a customized package.

The company was founded in 2017 and is the owner of a cutting-edge automobile manufacturing facility in Hai Phong, Vietnam, that boasts up to 90% automation. VinFast has competition from leading manufacturers like BYD and Tesla. No one was able to get in touch with the firm management to remark.

The presented investment is probably going to change the game for the Global Investors Meet, which is scheduled for January 7 and 8 in Chennai. It has been discovered that the CM is content with the investment. With investments of Rs 82,674 crore in green ammonia and hydrogen, Thoothukudi is already being known as a center for renewable energy. In addition to being India’s first hub for green hydrogen, the district’s V O Chidambaranar Port might become a transshipment hub once the Rs 6,000 crore Outer Harbour project is put into action.