VinFast parent wants to set up smart cities in India
What's the story
Vietnam's largest conglomerate, Vingroup JSC, is eyeing a foray into multiple sectors in India. The company plans to expand its automotive business and venture into hospitality and green energy. It also intends to establish smart cities in the country. Pham Sanh Chau, CEO of VinFast Asia (a subsidiary of Vingroup), shared these ambitious plans with reporters today.
Business expansion
Vingroup wants to bring entire ecosystem to India
Chau emphasized that Vingroup's chairman wants to bring the entire ecosystem of the conglomerate into India. He compared Vingroup to the combination of India's top three conglomerates, Tata, Reliance, and Infosys. The CEO said that the company is looking for land parcels over 2,000 acres for its smart city projects and plans to enter the green energy sector as well.
Sector diversification
Plans to enter e-bus and electric 2-wheeler segment
Vingroup currently operates around 47 luxury resorts and plans to enter the hospitality sector in India. In the automotive sector, Chau said that the company is working on e-buses and electric two-wheelers. He said they are collaborating with different states for orders and converting vehicles from left-hand drive to right-hand drive. New models are expected every six months as part of this initiative.
Growth strategy
Expansion plans for Tamil Nadu plant
Chau revealed that the company plans to increase its Tamil Nadu plant's production capacity from 50,000 units to 1.5 lakh in a second phase. However, he said environmental clearance for this expansion is taking time. VinFast also plans to expand its dealer network to 35 outlets this year and build 15,000 charging stations with partners across India.