Illustration photo.
According to ET Auto, Vietnamese electric carmaker VinFast is planning to establish a 1,000-acre smart city project (over 400 hectares) in the Hyderabad area, India.
At the same time, VinFast has started looking for location options around the city.
This information was released after a source close to ET Auto shared that Mr. Pham Sanh Chau, CEO of VinFast India, had a meeting with Mr. D. Sridhar Babu, Minister of Information Technology, Electronics, Communications, Industry & Commerce of Telangana state, regarding this issue.
According to ET Auto, the “discussions focused on large-scale public infrastructure projects, smart and sustainable urban mobility solutions, services for future cities, and social housing initiatives.”
At the meeting, Mr. D. Sridhar Babu noted that Hyderabad is expected to become home to half of Telangana’s population within the next 15 years due to increasing urban migration, putting significant strain on the existing infrastructure. He emphasized the importance of finding reliable partners to collaborate on these critical infrastructure projects, thereby ensuring that the city can sustainably improve the standard of living for its residents.
Illustration photo.
VinFast has recently invested 4,000 INR crore (approximately $500 million) to establish an electric vehicle manufacturing facility in Tamil Nadu state.
The Vietnamese automaker is expected to launch its first domestically assembled car in mid-2025. The vehicle is anticipated to be priced between 25-30 lakh INR, positioning it in India’s rapidly growing affordable electric vehicle segment, with an expected range of 300 to 500 kilometers.
By opting for a completely knocked-down (CKD) assembly method, VinFast can avoid high import duties and offer competitive pricing in the Indian market. Currently, India imposes a 100% import duty on cars with a CIF value exceeding $40,000 and a 70% duty on cars with a CIF value below $40,000. In contrast, CKD units attract only a 15% tax.
Reference: Economic Times
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