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VinFast, Vietnam's electric vehicle manufacturer, plans to initially invest $500 million to set up an integrated facility in India and break into the world's third-largest automobile market. The memorandum of understanding with the state government of Tamil Nadu, unveiled on Saturday, earmarks an investment of up to $2 billion, the company said without giving a concrete timeframe. The Indian southern state is a major center for automobile manufacturing with production facilities of prominent companies such as BMW, Hyundai, and Renault-Nissan, alongside electric vehicle manufacturers, including BYD from China and India-based Ather Energy and Ola Electric that specialize in making electric two-wheelers.

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