VinFast, the electric vehicle (EV) unit of Vingroup -- a leading conglomerate in Vietnam -- is gearing up to introduce its lineup in India with bookings all set to open this month, a top company official said.
The company is eyeing a launch in India with its VF7 and VF6 models before the festival season this year and aims to push up annual production in the country to 1,50,000 EVs in the coming years to be able to export them to countries in the Middle East and Africa.
The company is also optimistic about hiring up to 3,500 domestic employees by 2030, VinFast Asia CEO Pham Sanh Chau told PTI here.
VinFast, which has set up its first plant -- a USD 2-billion facility -- in India at Tamil Nadu's Thoothukudi, will first display its cars at shopping malls and airports before the bookings begin, Chau said.
The company has already invested USD 500 million on the plant in Thoothukudi, and "will look to consume the entire investment of USD 2 billion by 2030", Chau said.
"We have our products in 16 countries, including Southeast Asia, the Middle East, the US... and VinFast will come to India with an entire ecosystem. Our first target is to position ourselves as the premium EV car in India through the VF7 and VF6, which we plan to roll out in the country by the festival season this year," Chau said.
Both VF7 and VF6 are in production in Vietnam, where VinFast is a major player. The company is yet to take a final decision on the pricing of the vehicles.
"India is a sensitive market, and we will have an affordable price," Chau said, adding that these models will be "premium vehicles, and we will make a formal announcement on this (price) very soon," Chau said.
The company aims to produce about 50,000 cars annually to start with, and will be looking to push the numbers to 1,50,000 in the coming years, depending on demand. "We have targets to export the products to external markets, including the Middle East and Africa," he said.
On the job front, the company has interviewed nearly 400 freshers from various universities in Tamil Nadu, and many will join soon. "By 2030, we expect to have up to 3,500 local workforce as part of our commitment to the state government," Chau said.
The plant in Tamil Nadu was set up within 15 months, and for this Chau credited "prompt support from the state and central governments".
Elaborating on the strategy for the India entry, Chau said the company will look to have a network of dealers, network of authorised repair shops, robust charging points, and a green future company, which will enable customers to exchange their second-hand cars for new ones.
The company will look to ramp up localisation as it moves ahead in the India journey. "... at the moment, VinFast doesn't enjoy any duty exemptions in India ... so, it (localisation) is very important as it will help with regards to government incentives, bringing down cost, and being competitive," the VinFast Asia CEO said.
The company is in talks with various state governments in India for setting up charging infrastructure.
On the decision to foray into India, Chau said, "In Vietnam, we are the biggest selling car company, the largest charger and taxi service provider. We have done everything in Vietnam, and this is the time for us to go global. We wanted to enter India as it is a growing, dynamic automobile market."
To ramp up charging infrastructure in India, Chau said "We are in talks with state governments regarding this... Investors from around the world have assisted us in our projects, and as we move forward we hope to receive support from domestic investors in India for this purpose," he said.
Chau, 65, who has been a top diplomat and was Vietnam's ambassador to India for five years, highlighted good relations between India and Vietnam, "which date back to the days of President Ho Chi Minh and Mahatma Gandhi ... the two countries enjoy a comprehensive strategic partnership".
On its possible competition with Tesla, which is also looking to enter the India market, Chau said, "We don't see Tesla, or even BYD for that matter, as competition. Our mission is green mobility. Anyone who shares that dream will be our friend."
"We believe our product will match the requirements of the Indian customers, and in the next few years we hope to become among the top EV players in the country," Chau added. PTI
The company is eyeing a launch in India with its VF7 and VF6 models before the festival season this year and aims to push up annual production in the country to 1,50,000 EVs in the coming years to be able to export them to countries in the Middle East and Africa.
The company is also optimistic about hiring up to 3,500 domestic employees by 2030, VinFast Asia CEO Pham Sanh Chau told PTI here.
VinFast, which has set up its first plant -- a USD 2-billion facility -- in India at Tamil Nadu's Thoothukudi, will first display its cars at shopping malls and airports before the bookings begin, Chau said.
The company has already invested USD 500 million on the plant in Thoothukudi, and "will look to consume the entire investment of USD 2 billion by 2030", Chau said.
"We have our products in 16 countries, including Southeast Asia, the Middle East, the US... and VinFast will come to India with an entire ecosystem. Our first target is to position ourselves as the premium EV car in India through the VF7 and VF6, which we plan to roll out in the country by the festival season this year," Chau said.
Both VF7 and VF6 are in production in Vietnam, where VinFast is a major player. The company is yet to take a final decision on the pricing of the vehicles.
"India is a sensitive market, and we will have an affordable price," Chau said, adding that these models will be "premium vehicles, and we will make a formal announcement on this (price) very soon," Chau said.
The company aims to produce about 50,000 cars annually to start with, and will be looking to push the numbers to 1,50,000 in the coming years, depending on demand. "We have targets to export the products to external markets, including the Middle East and Africa," he said.
On the job front, the company has interviewed nearly 400 freshers from various universities in Tamil Nadu, and many will join soon. "By 2030, we expect to have up to 3,500 local workforce as part of our commitment to the state government," Chau said.
The plant in Tamil Nadu was set up within 15 months, and for this Chau credited "prompt support from the state and central governments".
Elaborating on the strategy for the India entry, Chau said the company will look to have a network of dealers, network of authorised repair shops, robust charging points, and a green future company, which will enable customers to exchange their second-hand cars for new ones.
The company will look to ramp up localisation as it moves ahead in the India journey. "... at the moment, VinFast doesn't enjoy any duty exemptions in India ... so, it (localisation) is very important as it will help with regards to government incentives, bringing down cost, and being competitive," the VinFast Asia CEO said.
The company is in talks with various state governments in India for setting up charging infrastructure.
On the decision to foray into India, Chau said, "In Vietnam, we are the biggest selling car company, the largest charger and taxi service provider. We have done everything in Vietnam, and this is the time for us to go global. We wanted to enter India as it is a growing, dynamic automobile market."
To ramp up charging infrastructure in India, Chau said "We are in talks with state governments regarding this... Investors from around the world have assisted us in our projects, and as we move forward we hope to receive support from domestic investors in India for this purpose," he said.
Chau, 65, who has been a top diplomat and was Vietnam's ambassador to India for five years, highlighted good relations between India and Vietnam, "which date back to the days of President Ho Chi Minh and Mahatma Gandhi ... the two countries enjoy a comprehensive strategic partnership".
On its possible competition with Tesla, which is also looking to enter the India market, Chau said, "We don't see Tesla, or even BYD for that matter, as competition. Our mission is green mobility. Anyone who shares that dream will be our friend."
"We believe our product will match the requirements of the Indian customers, and in the next few years we hope to become among the top EV players in the country," Chau added. PTI