A Communist Party authority has ordered provincial officials to review Vingroup’s proposal to build its second electric automobile manufacturing plant in Vietnam at an estimated cost of VND7.3 trillion (US$288 million).
The Party Executive Committee of the central province of Ha Tinh on Friday tasked local economic zone authorities with reviewing the proposal.
Provincial authorities have said earlier that the project is a large one and aligns with their development strategy for the Vung Ang Economic Zone, a major industrial hub.
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Vung Ang Economic Zone. Photo by VnExpress/Duc Hung |
The plant, to be built by Vinhomes, Vingroup’s property subsidiary, will have a capacity of 400,000 electric vehicles a year.
It is expected to go on stream in June 2026, creating thousands of jobs and promoting the local economy by attracting more investors, especially in logistics and supply chains.
Vingroup has been expanding its EV supply chain in recent years after building its first plant in the northern port city of Hai Phong.
In mid-2023 it built an EV battery factory in Vung Ang.
Vingroup also seeks to develop a logistics and port complex worth VND40 trillion in the economic zone.
The zone was built in 2006 and now has 151 investors who employ nearly 20,000 people.
Its major tenants include a $10-billion steel complex owned by Taiwan’s Formosa and the $1.2-billion Vung Ang Thermal Power Plant.
