Electric Vehicle Stocks Rip Big Gains After Beijing Developments
VinFast (VFS.US) is building a second factory in Vietnam to double its production capacity and accelerate global expansion.
Vietnamese electric vehicle manufacturer VinFast Auto recently announced expansion plans to establish a second production facility in Vietnam, aiming to double its production capacity.
Market Chatter: VinFast Auto to Build Second Production Plant in Vietnam
VinFast's New EV Plant to Start Operation in Vietnam By July
The Vietnamese electric vehicle manufacturer VinFast will establish a second production plant in Vietnam.
Vietnamese electric vehicle manufacturer VinFast announced on Sunday plans to establish a second manufacturing plant domestically, which will double the company's production capacity and stated the need to meet the growing demand for small to medium-sized vehicles. VinFast stated that the new factory is expected to produce 300,000 units annually in the initial phase, matching the capacity of its existing plant in Haiphong City. The company delivered less than 45,000 vehicles globally in the first nine months of 2024. The company said in a statement that the new factory, located in Ha Tinh Province in central Vietnam, will primarily produce the vf3 and vf5 models for domestic sales and export, and will begin operation in July next year.
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