Vietnamese automaker VinFast Auto, a subsidiary of the local private conglomerate VinGroup, has begun construction of its second battery electric vehicle (BEV) plant in the country, in the central province of Hà Tĩnh, according to local reports.
Construction of the new plant, in the Vũng Áng Economic Zone in Kỳ Anh Town, was officially launched on the 8th of December. The first phase of construction is expected to be completed by the end of July, or in just eight months, which would be a record time for the construction of a full-size vehicle plant.
Go deeper with GlobalData
After the first phase of construction, the new facility is expected to have an annual production capacity of 300,000 EVs, which could be doubled to 600,000 units per year in a second phase of expansion – creating some 15,000 jobs. The plant is expected to bring “transformative” economic benefits to the region.
According to local reports, Vinhomes Hà Tĩnh Industrial Park Investment Joint Stock Company (VHIZ Ha Tinh) – also a subsidiary of VinGroup, will invest in the construction of the plant, which will then lease it to VinFast.
VinFast already has a full-size vehicle assembly plant on Cat Hai Island, near the northern Vietnamese city of Hai Phong, which has an annual production capacity of 300,000 units per year, and is currently also building a plant in the US to supply the North American market.
The company has been busy expanding into global markets this year, including Europe and Southeast Asia, and expects to deliver a total of 80,000 vehicles in 2024.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
