Vingroup to develop another automobile and part manufacturing plant in Ha Tinh

Vingroup to develop another automobile and part manufacturing plant in Ha Tinh (Vung Ang Economic Zone)

Commercial real estate developer Vinhomes, part of the Vingroup conglomerate, has already submitted a proposal to Ha Tinh People’s Committee regarding these plans. These projects are expected to cover an area of 2,000 hectares in Vung Ang Economic Zone.

The automobile complex will include a VinFast manufacturing factory and a factory manufacturing components and parts for automobiles as well as high-tech audio-visual equipment.

The seaport complex and logistics areas will serve the group's factories and support its investments for building the hotel and tourism area.

The first phase of the construction is expected to be implemented within two years of the investor receiving the construction licenses while the second phase would be implemented within 3-5 years of the first phase coming into operation.

Vinhomes is one of two investors winning the bid to develop the Ham Nghi Urban Area project, which has a total investment of approximately $1 billion in Ha Tinh city.

Besides, it developed numerous projects in Ha Tinh, namely the shopping mall Vincom Plaza Ha Tinh, Vinpearl City Hotel Ha Tinh, Vinpearl Ocean Villa, and Vinpearl Land Cua Sot.

In June 2019, Vingroup inaugurated its first VinFast electric automobile and motorbike manufacturing complex, representing a total investment capital of VND35 trillion ($1.5 billion).

The complex, located in Dinh Vu-Cat Hai Economic Zone, has a designed capacity of 500,000 units. In the first phase, the plant was designed to manufacture five-seat sedan and seven-seat SUV models and electric motorbikes meeting EU quality standards. The capacity of the first phase is 100,000-200,000 units.

VinFast’s key products are electric automobiles and motorbikes, aiming to replace gasoline. The group set the target to reach the localisation rate of 60 per cent and start exporting its products to foreign markets.

With this strategic vision, after only three years in operation, VinFast has successfully researched and developed the first three self-driving electric cars, namely VF31, VF32, and VF33. All three SUVs are multi-purpose vehicles with a strong and trendy high-chassis design, capable of steering and self-driving assistance, equipped with outstanding safety and intelligence features.

Statistics from Vietnam Automobile Manufacturers' Association showed that in February, VinFast ranked fourth with 1,718 units, overcoming Honda (1,281) and Ford (1,094).