VinFast to build second factory in Vietnam
The Vietnamese EV manufacturer’s new facility in the central Ha Tinh province is expected to produce 300,000 units annually in its initial phase, the same capacity as its current plant in Haiphong.
Vietnamese EV manufacturer VinFast plans to build its second domestic production factory that will double its output capacity to meet increased demand for its small and mid-sized models, the company said.
The new facility in the central Ha Tinh province is expected to produce 300,000 units annually in its initial phase, the same capacity as its current plant in Haiphong, according to a report by Reuters.
The new plant will mainly produce VF 3 and VF 5 models, and operations set to begin in July.
“Demand in international markets is growing rapidly, so the construction of an additional electric car factory ... will create a solid foundation for an important and explosive development phase ahead for VinFast,” said Nguyen Viet Quang, Vice Chairman and CEO of VinFast's parent company Vingroup.
VinFast, a subsidiary of Vietnamese group Vingroup, said last month its third-quarter net loss had lowered to USD 550 million, which it said reflected lower material costs and increased production.
The company delivered 44,773 cars in the first nine months of 2024, more than 55% of its 80,000 target for the year, according to an earlier report by Reuters.
VinFast is planning an assembly plant in Tamil Nadu, India, which is scheduled to start operations in 2025. The company is also expanding in Indonesia and the Philippines.
VinFast is also said to be in talks with Indian companies Megha Engineering & Infrastructures (MEIL) and Adani Group to explore a potential partnership for its electric car venture in India.
