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Vietnamese automaker VinFast to set up manufacturing in India

Ishita Nigam

28 Sept 2023

Deemed as Tesla’s rival, VinFast is the 17th most valuable car maker in the world with a valuation of $25.7 billion.

Vietnamese automaker VinFast has shortlisted Tamil Nadu and Gujarat to set up its manufacturing unit in India. VinFast will be the first Vietnamese automaker in the country if its plans go through.

It is the Electronic Vehicles arm of Vietnam’s largest corporation, Vingroup. It set up its first facility in North Carolina, the US, in July this year. VinFast is expected to offer affordable and value for money EVs with its facility in India.

Last month, the carmaker’s valuation shot up 700% to $191 billion after enlisting on Nasdaq, making it the third largest car maker in the world by market capitalization after Tesla and Toyota. But soon, stock volatility saw its valuation crash by $140 billion this month to land at $25.7 billion. Despite selling just 7,400 cars in 2022, and all in Vietnam, Vinfast expects to sell up to 50,000 units this year globally.

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