VinFast, a subsidiary of Vin Group, is set to become the first EV-only car brand in the Indian market. The Vietnamese electric carmaker has appointed Pham Sanh Chau as its India CEO, who is a Vietnamese politician, educator and diplomat.
Diplomat turned CEO
Pham Sanh Chau has been appointed as the India CEO of VinFast. He boasts over two decades of experience in politics and education. Pham also served as an ambassador for Vietnam to India, Bhutan and Nepal between 2018 and 2022. It is worth mentioning that Pham Sanh Chau was also appointed as Vietnam’s youngest Ambassador and Permanent Delegate to UNESCO. His contribution has been instrumental in strengthening the bilateral relations between Vietnam and India.
VinFast India entry in early 2024
According to numerous online reports, VinFast is looking to enter the Indian market with two models, which will go on sale via the CBU route. Alongside, the EV maker will also infuse investment to set up a manufacturing facility, thus enabling the brand to locally assemble and manufacture electric vehicles.
VinFast could enter the market as early as April 2024, as suggested by multiple sources. While the carmaker is yet to officially reveal its India entry plans, it has already hired Ashwin Patil, who happens to be the former sales head of Kia India. If reports are to be trusted, VinFast could reveal their India entry plans by November-end.
Government granting tax concessions
According to online reports, the Indian government is considering reducing tax impositions on imported electric vehicles, given the assurance from EV brands to set up a manufacturing facility in India. Tesla has requested concessions on duty as a pre-condition to roll out investments for a local manufacturing facility.
Given that the concessions become a reality, VinFast will also gain an advantage from the policies. The Vietnamese electric carmaker considers India as its top right-hand drive market. Pham Nhat Vuong, founder of VinFast, foresees Asia to bring 4 out of 10 car sales worldwide in the next 3-5 years.
India recruitment drive
Back in September, we reported that VinFast had begun a recruitment drive in India as part of its global expansion plan. A LinkedIn advertisement from VinFast showcased the company’s intent to hire candidates for positions spanning sales, legal, back office, and more within India. In addition, VinFast set its headquarters in Gurugram, a satellite city on the outskirts of New Delhi, to begin its operations in the Indian market. We expect the EV maker to soon announce its India entry plans via an official communication.