Vietnamese electric vehicle manufacturer VinFast has unveiled plans for a second production facility in Vietnam, aimed at doubling its production capacity to meet growing demand for compact and mid-sized EV models. The new plant, located in Ha Tinh province, is expected to produce 300,000 vehicles annually in its first phase, matching the capacity of VinFast’s current factory in Haiphong.
The facility will focus on manufacturing the VF 3 and VF 5 models for both domestic and international markets, with operations slated to begin in July next year. “With increasing global demand, this new plant will serve as a key milestone in VinFast’s expansion and growth strategy,” stated Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, VinFast’s parent company.
In the first nine months of 2024, VinFast delivered nearly 45,000 cars globally, just over half of its annual goal of 80,000 units. Despite this, the company remains optimistic about meeting its targets. VinFast also reported a reduced third-quarter net loss of $550 million, attributed to lower material costs and increased production.
In addition to the Ha Tinh facility, the company is working on assembly plants in Indonesia and India and has postponed the launch of its North Carolina factory to 2028. The Ha Tinh plant will operate within the same complex as VinFast’s battery production facility and will leverage components from its Haiphong site.
The company is a leading Vietnamese electric vehicle (EV) manufacturer and a subsidiary of Vingroup, one of Vietnam’s largest conglomerates. Known for its rapid innovation and ambitious expansion, the company produces a range of EVs designed for both domestic and global markets. With production facilities in Haiphong and plans for a second factory in Ha Tinh, it is scaling its operations to meet increasing demand for sustainable mobility solutions.
The company is also pursuing international growth with planned assembly plants in Indonesia and India, while positioning itself as a key player in the global EV industry. VinFast’s commitment to innovation, sustainability, and technological advancement underpins its strategy to make EVs accessible and environmentally friendly for a diverse customer base.
