VinFast Delays New Plant Opening to 2025

Vietnamese electric vehicle manufacturer VinFast is constructing a second production plant in Ha Tinh province, Vietnam, to meet increasing demand for its small and mid-sized EV models. The new facility, with an initial annual production capacity of 300,000 vehicles, is expected to begin operations by July 2025 and could later expand to 600,000 units, creating up to 15,000 jobs. Despite having an existing plant with the same capacity in Haiphong, VinFast has struggled to meet its sales targets, delivering fewer than 45,000 cars in the first nine months of 2024. The company's expansion is part of a broader strategy to increase its presence in international markets, with additional planned facilities in Indonesia and India, although its US factory launch has been delayed to 2028. VinFast's recent financial performance has shown improvements, with a narrowed third-quarter net loss due to lower material costs and higher production efficiencies.