VinFast opens new EV factory in Ha Tinh, plans for global expansion

From Yahoo Finance: 2025-06-29 02:20:00

Vietnamese EV maker VinFast started production at its new factory in Ha Tinh, with an initial capacity of 200,000 units. Its goal is to produce 1 million vehicles annually for both domestic and global markets. VinFast has faced challenges in expanding internationally due to weaker demand and fierce competition.

VinFast’s flagship factory in Haiphong aims to reach a capacity of 950,000 units by next year. The company, backed by Vingroup, plans to establish production plants in the U.S., India, and Indonesia. However, delays have pushed back operations at the U.S. factory to 2028, while the India plant is set to begin next month.

VinFast set a delivery target of 200,000 cars by 2025, having sold 56,000 units in the first five months. Despite a net loss of $712.4 million in Q1, the company saw revenue jump 150% to $656.5 million over the same period. CEO Nguyen Viet Quang remains optimistic about the company’s future growth.

Read more: VinFast opens second domestic EV factory amid global expansion