VinFast opens second domestic EV factory amid global expansion
The new facility, located in the central province of Ha Tinh, has an initial annual capacity of 200,000 units and spans 36 hectares, the company said.
By comparison, VinFast's flagship factory in northern Haiphong is designed to reach a capacity of 950,000 units by next year.
VinFast, backed by Vietnam's largest conglomerate Vingroup, has set ambitious goals to establish production plants in international markets, including the US, India, and Indonesia. However, it has faced hurdles in its global expansion, including weaker demand and stiff competition.
The company announced last year that operations at its US factory would be delayed until 2028. Its India assembly plant is expected to become operational next month.
"Once operational, the VinFast Ha Tinh factory will contribute to VinFast's goal of producing one million vehicles per year to meet the increasing demand of domestic and foreign markets," said Nguyen Viet Quang, Vingroup's CEO.
The EV maker has set a delivery target of 200,000 cars for 2025, having sold about 56,000 units in the first five months, primarily in its domestic market.
It reported a net loss of $712.4m (R12,642,570,552) for the first quarter, less than the $1.3bn (R23,069,131,410) loss in the previous quarter but 20% more than a year before. Revenue jumped 150% to $656.5m (R11,649,911,362) over the same period.
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