Phạm Nhật Vượng's investments help Hà Tĩnh post Vietnam's highest provincial growth rate

Hà Tĩnh Province reported that total social development investment in Q1 2026 reached about 13,749 billion VND, up 10.34% year-on-year. Non-state capital continued to account for a large share, at more than 8,550 billion VND, largely driven by major projects including the Vinhomes Vũng Áng Industrial Park and an electric motorcycle manufacturing plant.

Growth momentum in Q1 2026

Hà Tĩnh’s Q1 2026 GRDP grew by 12.42%, the highest growth rate among provinces nationwide. The province’s performance comes amid ongoing domestic and international economic fluctuations and challenges.

Industrial production supported by resumed operations

Alongside the Vũng Áng 1 Thermal Power Plant, the power plant of Formosa Hà Tĩnh Steel Industry Co., Ltd., and Unit 1 of the Vũng Ang 2 Thermal Power Plant have resumed production after repairs following disruptions caused by natural disasters. The steel, electric vehicle (packpin, cellpin), and related electrical equipment sectors recorded high output, contributing to a rise in industrial growth.

Key output figures

• Steel output in Q1 reached about 976 thousand tons, up nearly 6% year-on-year.
• Electricity production reached 3,662 million kWh, up 20.51% year-on-year.
• Electric vehicle production was estimated at 16,671 units.
• Packpin output was about 22,570 packs, up more than fourfold.
• Cellpin output was about 3.6 million cells, up more than twofold compared with the same period in 2025.

Investment flows and major projects

In Q1, total investment for development across Hà Tĩnh reached about 13,749 billion VND, up 10.34% year-on-year. Foreign capital continued to account for a large share, at over 8,550 billion VND, mainly from large-scale projects such as the Vinhomes Vũng Áng Industrial Park and the electric motorcycle manufacturing plant.

VinFast Hà Tĩnh electric car plant

VinFast Hà Tĩnh’s electric car plant began construction on 29/06/2025, just under seven months after project initiation. It is the fifth project in VinFast’s global plant network. The plant is located in the Vũng Áng Economic Zone (within the Vinhomes Vũng Áng Industrial Park), on land area of about 64.09 ha. Total project investment is more than 13,254 billion VND, including investor equity of 3,976 billion VND and mobilized capital of 9,278 billion VND.

VinMetal Hà Tĩnh steel plant

In addition, the VinMetal Hà Tĩnh steel plant project has received an investment registration from the provincial People’s Committee. The project is set to be invested with total capital approaching 80,000 billion VND on an area of more than 460 ha within the Vinhomes Vũng Áng Industrial Park.

Planned products and end markets

The VinMetal Hà Tĩnh plant is expected to supply hot-rolled steel sheets (HRC), hot-rolled steel, high-strength steel, and special alloy steel for electric vehicle production, high-speed transport infrastructure, and civil steel used in construction.