Vietnam's electric vehicle maker VinFast Auto on Saturday said its two electric SUVs -- VF 7 and VF 6 -- will hit the Indian market later this year to mark its foray into the country, which it says has a huge growth potential.
The company, which is investing USD 500 million to set up its manufacturing plant at Tuticorin in Tamil Nadu, expects completion of the facility in the second half of 2025 after which it will launch the products.
It is also in talks with the government for its investment in India to be considered for incentives under the new EV policy and is looking to export EVs produced in India to the Middle East and African markets.
"We hope that it (Tuticorin plant) will be completed by the end of H1 or H2 beginning of 2025, then we can launch our cars," VinFast Asia CEO Pham Sanh Chau said here in an interaction.
"This year, we will launch two products," he said when asked about the product launch plans of the company in India.
Stressing that the premium SUVs VF 7 and VF 6 will accelerate the adoption of EVs in India, Chau said, "We come with a long-term vision, with the factory being constructed, with a network of dealers and workshops, and also with a network of charging points, we want to come, not to sell the car, but want to build the whole infrastructures." When asked if the company is seeking to avail of benefit from India's new EV policy aimed to woo foreign companies to set up manufacturing units in India, he said,"When we entered here (in India) at that time there was no scheme that the government was working at the moment, we enter here with strong determination to stay long term..." Chau, however, said VinFast has been in discussion with the government for its project to be considered for benefits under the policy as the company would like to sell imported completely built unit (CBU) electric vehicles in India as well.
" So, originally we intended to have a CBU, but we believe that it's better to have the factory, and from there, we launch our product," he added.
Last year the government approved an electric-vehicle policy, under which import duty concessions were offered to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like US-based Tesla.
He said the company is seeking "to position ourselves as a premium car maker" targeting "the high end of the middle class". "At VinFast, we are thrilled by the immense potential of the Indian market," he said.
With India already being the third largest automobile market, Chau said,"We see immense potential and opportunity here." When asked if the company would be exporting from India, he said the company has plans for it. "The reason why we select our location in Tuticorin is because it's very close to the port and to the airport, so it allows us to export our product overseas." Chau added that the company hoped to enjoy the support of export incentives from the government.
VinFast will export to markets in South Asia, the Middle East and Africa from its Indian plant, he said. At the Bharat Mobility Global Expo 2025, VinFast also displayed its VF 3, VF e34, VF 8, VF 9 SUVs; the Evo 200, Klara, Feliz, Vento, Theon electric scooters; DrgnFly electric bike and the VF Wild pickup truck concept.
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