The Economic Zones Management Board of central Ha Tinh province on February 28 approved an electric vehicle (EV) manufacturing project in the Vung Ang Economic Zone, with a total registered investment of more than VND13.25 trillion (around $506 million).
Covering 64 hectares, the plant will be developed by VinFast and will specialise in the production of electric scooters and electric bicycles, with a designed capacity of up to two million vehicles per year.
The project also includes the construction of workshops and auxiliary facilities to support EV manufacturing.
The development will be implemented in two phases. The first phase, slated for completion in 2026, will have an annual capacity of one million vehicles. The second phase, expected to begin in late 2026, will double total output to two million units per year.
VinFast plans to complete investment procedures and commence construction in the first quarter of 2026, with mass production targeted for the second quarter of the same year.
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