Vingroup to build second auto plant in Vietnam

A Ha Tinh official said Friday authorities had received the proposal Tuesday and would meet with the company to discuss opportunities soon.

Vinhomes, the real estate arm of Vingroup, wants to build a VinFast auto plant along with several others producing auto parts and hi-tech audio-visual equipment.

The complex would be located in Vung Ang Economic Zone, covering 2,000 hectares of which 500 hectares would include ocean waters.

The company would build a port and logistics infrastructure to transport goods to and from the plant. It also wants to build a hotel and tourism area to serve experts, employees and local residents.

The first phase of the complex is set to finish two years after receiving a construction license, with the second phase to commence three to five years after the first phase began operation.

Vingroup currently operates one auto complex in northern Hai Phong Province. Its unit VinFast is reportedly planning to release an initial public offering in the U.S., raising at least $2 billion.

Vung Ang Economic Zone was established in 2006 and is home to many billion-dollar projects, including a steel plant of Taiwanese company Formosa and Vung Ang 1 Thermal Power Plant of PV Power.