The factory is located in the centrally located province of Hai Tinh and initially has a production capacity of 200,000 cars per year. VinFast already has a large factory in the Northern Haiphong that is designed for a production capacity of 950,000 cars per year.
VinFast is also opening a new factory in India. That should happen next month. The construction of a factory in the United States has been delayed. Vinfast is part of the Conglomerate Vingroup that was founded by the richest man of Vietnam, Pham Nhat Vuong.
Vinfast wants to sell 1 million cars worldwide every year to compete with Tesla and Chinese electric car builders, among others. In Vietnam, with 100 million inhabitants, the market for electric cars is growing strongly.