Vietnam’s VinFast Ramps Staff Ahead Of US Electric Vehicle Launch

Vietnamese car manufacturer VinFast has said it is planning to hire 8,000 new staff, more than doubling its current headcount, for its electric vehicle plant in Vietnam as it prepares to deliver its first electric cars to the US by the end of this year.

VinFast, a unit of Vietnam’s biggest industrial conglomerate Vingroup, currently employs about 6,000 people.

Last month it opened six of a planned 36 dealerships in prime locations across California as the first step in a planned electric vehicle expansion across the US.

VinFast was founded only in 2017 and announced its first petrol-powered Lux automobiles the following year.

Rapid expansion

It produces an electric scooter, the Klara, for the Vietnamese market and in the US is showcasing its VF8 and VF9 SUVs.

“New staff, including assembly workers, technicians, and engineers will start working from August and September,” VinFast said on its official Facebook page.

It added that the recruitments were “for VinFast’s production expansion”.

The plant in Haiphong has production capacity for 250,000 cars per year and VinFast has said it wants to raise that to 600,000 by 2026.

US sales

In March it said it would establish a North Carolina factory with an initial planned capacity of 150,000 EVs per year, employing 7,500 people.

It has said it expects to sell 750,000 EVs per year by 2026 starting with the VF8 and VF9, which are intended for North America and Europe.

The company said it had nearly 8,000 reservations in the US and expects to deliver vehicles from the Haiphong plant to the US by the end of this year.

The expansion comes at a time when Samsung Electronics, Vietnam’s largest foreign employer, has scaled back production at its massive smartphone plant in the country due to slower demand.

Economic slowdown

US electric carmaker Rivian has seen its shares dive 67 percent this year amidst slower-than-expected production, while Tesla’s shares are down 28 percent so far this year amidst concerns about the broader economy.