Vietnamese automaker VinFast has been given the green light to move forward with its new battery electric vehicle (BEV) project in the Vũng Áng Economic Zone, in Vietnam’s Hà Tĩnh Province.
The Management Board of the Hà Tĩnh Economic Zone has officially granted an investment registration certificate to VinFast Manufacturing and Trading JSC for the project, which has a total investment capital of VND 6 trillion (US$ 231 million) – with VinFast expected to contribute just over 10% of the capital.
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VinFast has stated that it plans to produce a range of battery-powered vehicles, electric motorcycles and bicycles, on the 36-hectare site in the Vũng Áng Economic Zone. It plans to produce a range of battery-powered passenger vehicles, including its popular VF3 and VF5 models, as well as commercial vehicles such as pickup trucks and buses, and autonomous vehicles.
VinFast plans to complete the first stage of construction by the end of the third quarter of 2025, with an initial production capacity of 200,000 vehicles per year. The second phase is scheduled to be completed by the end of 2027, increasing the facility’s total production capacity to 400,000 units per year.
The automaker confirmed that the project will generate thousands of high-quality jobs directly and within local supporting industries, facilitate technology transfer and contribute significantly to the region’s socio-economic development.
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By GlobalData
