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Vietnamese electric vehicle (EV) maker VinFast (NASDAQ: VFS) has begun production at its second domestic plant in Ha Tinh province, aiming to boost output of compact urban EVs despite delays in its global expansion. The new factory spans 36 hectares and has an initial annual capacity of 200,000 units, significantly enhancing the company’s manufacturing footprint.
This development supports VinFast’s goal of producing 1 million vehicles annually to meet growing domestic and international demand. The company’s main Haiphong plant is on track to reach a production capacity of 950,000 units by 2026.
Backed by Vietnam’s largest conglomerate, Vingroup, VinFast has laid out ambitious plans to build EV factories in key international markets including the United States, India, and Indonesia. However, its global expansion has hit hurdles due to weaker EV demand and fierce competition. The launch of its U.S. factory has been postponed until 2028, while its India facility is expected to start operations next month.
VinFast aims to deliver 200,000 vehicles in 2025. As of May, the company had sold around 56,000 units, primarily in Vietnam. Financially, VinFast reported a Q1 net loss of $712.4 million—narrower than the previous quarter’s $1.3 billion but still a 20% increase year-over-year. However, quarterly revenue surged 150% to $656.5 million, indicating strong growth momentum.
The Ha Tinh facility is a strategic step in VinFast’s plan to scale affordable EV production and strengthen its presence in the competitive global EV market. As the company continues to build out its infrastructure, its ability to deliver on international expansion will remain closely watched by investors and industry analysts.
