VinFast Auto Opens New Electric Vehicle Plant in Vietnam

VinFast Auto, a Vietnamese electric vehicle manufacturer, has opened a new plant in Hà Tinh, Vietnam. The plant is its second electric vehicle production site and fifth manufacturing facility globally. Located in the Vung Áng Economic Zone, the site aims to meet growing demand for electric vehicles in the region.

VinFast Auto Ltd. (NASDAQ: VFS) has opened its second electric vehicle (EV) manufacturing plant in Hà Tinh, Vietnam. This new facility, located in the Vung Áng Economic Zone, is the company's fifth manufacturing facility globally and its second EV production site. The plant spans 36 hectares and is designed to produce 200,000 vehicles annually, focusing initially on compact urban EVs such as the VF 3, EC Van, and Minio Green [1].

The plant features highly automated production lines with technology from leading partners and has a design capacity of approximately 35 vehicles per hour. Future expansion plans include doubling the capacity, supporting VinFast's ambition to become a major global EV player [1].

VinFast's strategic expansion is part of its broader goal to produce one million vehicles per year to meet growing domestic and international demand. The company's rapid growth is evident in its recent performance, with the VF 3, VF 5, and VF 6 models among the bestsellers in Vietnam, and EVs gaining traction in markets such as the Philippines and Indonesia [2].

The Hà Tinh plant is expected to create approximately 6,000 direct jobs in its initial phase, with potential for expansion to 15,000 jobs in the future. This supports local employment and contributes to the region's socioeconomic development. The plant's construction and equipment installation were completed in under seven months, highlighting VinFast's remarkable execution speed and strong industrial capabilities [2].

Shares of VinFast (VFS) have seen mixed performance, edging 0.3% higher in premarket trading following the announcement, but the stock is down 18.4% on a year-to-date basis [1].

References:
[1] https://seekingalpha.com/news/4463567-vinfast-auto-opens-a-new-electric-vehicle-plant-in-vietnam
[2] https://finance.yahoo.com/news/vinfast-inaugurates-electric-vehicle-plant-111000001.html