Vietnamese automaker VinFast Auto, a subsidiary of the local private conglomerate Vingroup, has commenced the construction of its second battery electric vehicle (BEV) plant in Vietnam. The new plant is being built in the central province of HĂ TÄ©nh, specifically in the VĆ©ng Ăng Economic Zone in Kỳ Anh Town. The official groundbreaking ceremony took place on the 8th of December, with the first phase of construction expected to be completed by the end of July.
This ambitious project aims to establish a state-of-the-art facility with an initial annual production capacity of 300,000 EVs. The company plans to double this capacity to 600,000 units per year in a second phase of expansion, which will also create approximately 15,000 new job opportunities. The plant is anticipated to bring significant economic benefits to the region, transforming the local economy.
Reports indicate that Vinhomes HĂ TÄ©nh Industrial Park Investment Joint Stock Company, another subsidiary of VinGroup, will fund the construction of the plant and subsequently lease it to VinFast. This strategic approach underscores VinFast’s commitment to expanding its production capacity and market presence.
VinFast already operates a full-size vehicle assembly plant on Cat Hai Island, near Hai Phong, with an annual production capacity of 300,000 units. The company is also in the process of constructing a plant in the United States to cater to the North American market. This global expansion strategy aligns with VinFast’s goal of establishing a strong presence in key markets worldwide.
In addition to its domestic and US operations, VinFast has been actively penetrating international markets, including Europe and Southeast Asia. The company aims to deliver a total of 80,000 vehicles in 2024, showcasing its commitment to growth and innovation in the electric vehicle industry.
The construction of the second BEV plant in Vietnam represents a significant milestone for VinFast as it continues to strengthen its position as a leading player in the global automotive market. The company’s strategic investments in production facilities and market expansion underscore its dedication to sustainable mobility and driving the future of electric vehicles.
