Vietnamese electric vehicle maker VinFast Auto (VFS, Financial) has announced plans to build a second production facility in Vietnam. This expansion aims to double its production capacity to meet the growing demand for its small and medium-sized models. The new factory will have an annual capacity of 300,000 vehicles, matching its existing plant in Haiphong, and is set to begin operations in July next year.
In the first nine months of 2024, VinFast delivered nearly 45,000 vehicles globally, reaching 55% of its annual target of 80,000 units. Despite this, company executives remain optimistic about achieving their yearly goal. The new facility will focus on producing VF 3 and VF 5 models for both domestic and international markets.
VinFast's third-quarter net loss decreased to $550 million, attributed to reduced material costs and increased production. The company also plans to establish assembly plants in Indonesia and India, while delaying the start of its North Carolina plant to 2028, marking further global expansion.
