VinFast's electric car plant in the Vung Ang Economic Zone (Ha Tinh) has just finished its first full production year, and nine-month figures show the line is genuinely running. For anyone holding Vingroup (VIC) shares, though, the output number only means something once you know who owns the plant. According to Vingroup's half-year consolidated report, the group has transferred VinFast's manufacturing company and no longer controls it.
What the plant has produced
Per Ha Tinh Newspaper figures republished by Nguoi Quan Sat on October 7, the plant built more than 62,000 cars in the first nine months of 2026, over 57,000 more than a year earlier.Người Quan Sát Most of that jump is a low base effect: the plant was only inaugurated on June 29, 2025, so it had almost no output in the first nine months of last year.
Q3 alone produced more than 26,000 cars, roughly 21,000 more than Q3 2025. Ha Tinh Newspaper gives two reasons: stable operations in the plant's first full year, and new models added to the line.Người Quan Sát
Electric motorbikes are an entirely new line. VinFast began building them in Ha Tinh in April 2026, reaching about 169,000 units in six months, of which Q3 was an estimated 97,000. Helped by cars, e-motorbikes, steel and electricity, Ha Tinh's industrial output index is estimated to be up 40.15% over the nine months.Người Quan Sát
At its opening, the plant was presented as the home of small electric cars and business-use vehicles, including the VF 3, Minio Green and EC Van.Thanh Niên
Q3 pace is faster, but at roughly half of capacity
Subtract Q3's 26,000 cars from the nine-month 62,000 and the first half comes to about 36,000 cars, or roughly 6,000 a month. Q3 ran at about 8,700 a month, around 45% faster than the first half (Investify's calculation from Ha Tinh Newspaper data).
The plant's first-phase design capacity is about 200,000 vehicles a year, or 35 an hour, across 360,000 m².Người Quan Sát That figure refers to the car line. Holding the Q3 pace for 12 months would yield about 104,000 cars a year, roughly 52% of design capacity. The plant is clearly running and accelerating, but there is still a wide gap to what it was built to deliver.
Keep in mind that these are provincial industrial statistics. They count cars leaving the line, not cars reaching customers.
Who operates the plant now
This is the part that changes how the number reads. On May 26, 2026, Vingroup's board issued a resolution to restructure VinFast Manufacturing and Trading JSC (VFTP).CafeF The plan was to spin a new legal entity, VinFast Vietnam JSC (VFVN), out of VFTP with planned charter capital of nearly VND 5,184 billion, of which Vingroup would hold 89.621%.Báo Pháp luật
The two entities split the work fairly clearly. According to VinFast's U.S. SEC filing as relayed by Znews, VFVN takes design, R&D, the brand, sales and after-sales.Znews VFTP keeps the manufacturing assets in Vietnam, and VietnamFinance describes it as the operator of the Hai Phong and Ha Tinh plants.VietnamFinance
Once the split was done, Vingroup transferred 99.9% of VFTP's ordinary shares for a total of VND 13,310 billion. The half-year consolidated report states that the group no longer controls VFTP or its subsidiaries.Dân trí The buyer is a group of investors led by Tuong Lai Investment, Research and Development JSC, with Pham Nhat Vuong, Chairman of the Board of Vingroup (VIC), taking part as a minority investor. Also in June, VFVN signed a contract under which VFTP manufactures and supplies VinFast-branded vehicles to VFVN's designs and standards.
The implication for reading the news is plain: the 26,000 Q3 cars were built at a company Vingroup no longer controls. In accounting terms, that is the output of a contract manufacturer. Whatever flows back to Vingroup has to pass through the next link, where VinFast buys cars from the plant and sells them to customers.
Where the sales side stands
The latest delivery data is for Q2. VinFast Auto told the U.S. SEC on July 30 that it delivered 70,085 EVs globally in Q2, up 96% year on year, bringing the first-half total to 128,662.Người Quan Sát That implies 58,577 in Q1.
The two data sets cannot be lined up mechanically. Deliveries cover the whole company, including the Hai Phong plant, while the Ha Tinh figure covers a single plant. The periods differ too: as of October 8, VinFast has not published Q3 deliveries. VinFast itself notes that preliminary delivery figures may be adjusted when reconciled with officially recognized revenue.
What Vingroup still holds is unclear
The question for VIC holders is how much of the sales side Vingroup still owns. When VFVN was formed, Vingroup planned to hold 89.621%. On September 29, 2026, VFVN raised charter capital by VND 25,000 billion, from just over VND 10,183 billion to more than VND 35,183 billion. After the round, domestic private capital holds 98.472% and VinFast Auto Ltd. (Singapore) holds 1.528%.CafeF The registry filing does not say who contributed the VND 25,000 billion, so Vingroup's stake in VFVN after the increase has not been disclosed. The company is chaired by Pham Nhat Quan Anh, Chairman and General Director of VinFast Vietnam JSC.
How to read the Ha Tinh number
The Ha Tinh plant is past the trial stage: its Q3 pace is about 45% above the first half, even though it is using only around half its capacity. That is good news for VinFast's supply chain. For Vingroup shareholders, however, this output is now an input to a contract manufacturer outside the group, not revenue or cost inside it. That reading holds until new information emerges on ownership of the sales side.
Two upcoming documents will show how much of it turns into money for Vingroup. The first is VinFast's Q3 delivery figure: if car deliveries exceed Q2's 70,085, the extra Ha Tinh output has found buyers; if they stay flat while the plant accelerates, cars may be piling up in inventory. The second is Vingroup's Q3 financial statements: the subsidiary notes will show whether VFVN is still consolidated into the group after the VND 25,000 billion capital increase. That answer determines whether VinFast's vehicle sales revenue remains inside VIC's results.