Vingroup to Commence Construction of a 13,000 Billion VND Industrial Park in Billionaire Pham Nhat Vuong’s Hometown, with the New VinFast Factory Aims to Roll Out Vehicles Starting September

At the Conference on Promoting Bank Credit in Region 8, Mr. Tran Bau Ha, Vice Chairman of the Ha Tinh Provincial People’s Committee, shared that the first electric vehicles produced at the VinFast factory located in the Vung Ang Economic Zone (Ky Anh town, Ha Tinh province) are scheduled to be launched in early September 2025.

The VinFast factory project commenced in December 2024 and is expected to be completed by early July 2025, setting a new record for construction speed in the global automotive industry within just seven months.

In its first phase, the Ha Tinh VinFast factory will have a designed capacity of 300,000 vehicles per year, with the potential to double to 600,000 vehicles annually in subsequent phases. The project is expected to create jobs for approximately 15,000 workers.

Vingroup’s electric vehicle ecosystem in Ha Tinh will not stop at manufacturing. It will expand with a 1,000-hectare auxiliary industrial park, slated to commence construction in August 2025. This park will produce components and parts to serve not only the VinFast factory but also the electric vehicle industry as a whole.

Mr. Bau also added that VinFast and its partners plan to continue developing a chain of auxiliary industrial factories in Ha Tinh, aiming to supply components for both the domestic and international markets.

Additionally, one of Ha Tinh’s long-term goals is to develop social housing to accommodate workers in the industrial zones. Several housing projects have already been implemented, and on April 10th, at an extraordinary session of the Provincial People’s Council, the Provincial People’s Committee will propose additional social housing projects under the Government’s Resolution 33.

In July 2024, Deputy Prime Minister Tran Hong Ha signed Decision No. 639/QD-TTg approving the investment policy for the construction and infrastructure development of the Vinhomes Vung Ang Industrial Park, with a total investment of over VND 13,276 billion, including VND 1,991 billion in capital contribution from the investor. The project is designed as a specialized automobile and auto parts manufacturing industrial park, encouraged under Government Decree 35/2022.

With a large-scale capital investment, the project is subject to stringent progress requirements and is expected to attract auxiliary projects, with a minimum total capital investment of $2 billion in linked industries within the cluster. Once operational, the industrial park is projected to contribute an average of VND 1,200 billion to the state budget annually.

Ha Tinh is the hometown of Mr. Pham Nhat Vuong, Chairman of Vingroup. In addition to the two projects mentioned, at the end of 2021, Vingroup established the VinES electric vehicle battery factory in Vung Ang, covering an area of nearly 13 hectares. The factory began supplying batteries for the VF6 model in mid-2023. The group also announced plans to invest in additional port, logistics, and tourism projects in Ky Ninh to support the electric vehicle factories and develop the Vung Ang Economic Zone.