Electric vehicle maker VinFast Auto Ltd. said it plans to begin selling two made-in-India cars in the South Asian country later this year, marking the Vietnamese carmaker’s debut in the world’s third-biggest car market.

Vietnamese electric vehicle maker VinFast is set to enter the Indian market with its premium electric SUVs, VF6 and VF7. It aims to compete with local company Mahindra & Mahindra and China's BYD. VinFast plans to invest $500 million in a car and battery factory in Tamil Nadu and is also focusing on establishing charging infrastructure.

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.