Tamil Nadu Chief Minister M K Stalin on Sunday laid the foundation stone for the electric vehicle car and battery manufacturing facility of VinFast Auto Ltd, which has earmarked investments of Rs 16,000 crore for the state, just 50 days after signing an MoU with the Vietnam-based EV maker.
The memorandum of understanding with the Government of Tamil Nadu for the plant was signed during the Global Investors Meet held by the DMK government in January. The quick turnaround time from signing the MoU to laying the foundation stone -- 50 days -- is an example of Tamil Nadu's industry-friendly climate. It showcases the government's commitment to quick clearance of approvals.
"In just 50 days since the MoU (was signed), Thoothukudi welcomes VinFast's first EV plant -- a monumental stride for the Dravidian Model Economy," Stalin said. "With Rs 16,000 crore investments and 10,000 plus jobs on the horizon, we are charging ahead into a future where opportunity and innovation meet," he said in a release.
VinFast Auto Ltd. is a Vietnam-based multinational automotive company founded by Vingroup, one of the largest private conglomerates in Vietnam that Pham Nhat Vuong founded. Established in 2017 in Haiphong, it is the first Vietnamese car brand to expand into global markets and the first to produce electric vehicles (EVs) such as electric cars and scooters.
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