Vingroup's New Project Boosts EV Industry in Vietnam
Vinhomes Ha Tinh Industrial Park JSC, a subsidiary of Vingroup, has secured loans from Vietcombank and BIDV for its latest investment project in the Vung Ang Economic Zone. The project, with an estimated investment of VND21.4 trillion ($811.14 million), aims to build factories for lease serving the electric vehicle (EV) supply sector.
The project, spanning 132 hectares, is set to provide infrastructure and facilities for companies manufacturing components and parts for the EV sector. Key milestones include achieving land transfer and planning-construction permits by March 2026, building technical infrastructure and factories by December 2026, and finishing construction and commissioning by June 2027.
In H1/2025, Ha Tinh province attracted 20 new investment projects, including two FDI projects, with the number of projects rising by three and total registered capital tripling compared to the same period last year. This project is part of the province's ongoing efforts to attract investment and boost its economics. The Vung Ang Economic Zone, where the project is located, spans over 22,000 hectares and hosts around 150 investment projects, providing jobs for nearly 20,000 workers.
The Vinhomes Ha Tinh Industrial Park JSC project, with an operational term of 70 years, is expected to further boost the EV industry in Vietnam. Vingroup's EV subsidiary VinFast has already inaugurated a 36-hectare EV factory at the zone, and the 13-hectare VinES EV battery plant began deliveries for the VF6 model in mid-2023. The new project is a significant addition to Vingroup's investments in the EV sector at the Vung Ang Economic Zone.
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