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Vietnamese Billionaire Pham Nhat Vuong’s VinFast To Invest Up To $2 Billion In India EV Factory

the port in Haiphong, Vietnam, on November 25, 2022.Linh Pham/Bloomberg

VinFast—controlled by Vietnamese billionaire Pham Nhat Vuong—said over the weekend that it’s investing as much as $2 billion to build an electric vehicle factory in the southern Indian state of Tamil Nadu.

VinFast said that it’s partnering with Tamil Nadu’s government to start constructing the factory this year with an initial investment of $500 million for the first phase of the project. The facility is expected to generate as many as 3,500 jobs and produce 150,000 EVs annually when completed.

The company is venturing into the world’s third-largest automobile market as part of its global expansion even as the loss-making automaker struggles to boost sales in the U.S. where it’s building a $2 billion manufacturing facility in North Carolina. It’s also planning to construct a factory in…

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