The project, named Vinhomes Vung Ang Industrial Park (IP), is spearheaded by Vinhomes Industrial Park Investment Corporation, a subsidiary of Vingroup, holding a 69.34 per cent stake.

The decision authorises the construction and operation of the IP's infrastructure. Covering nearly 965 hectares in Vung Ang Economic Zone (EZ), the project is expected to be completed by the end of Q4/2030, with an operational lifespan of 70 years. The investor's equity contribution is close to $80 million.

The government has tasked relevant ministries and relevant agencies with evaluating the project's investment proposal in accordance with the current laws. Ha Tinh Provincial People’s Committee is responsible for ensuring the conditions, procedures, and processes for land leasing and conversion, including agricultural land, are compliant with regulations.

In May 2023, during a conference announcing the provincial planning for 2021-2030 promoting investment in Ha Tinh, Vingroup signed an MoU with the province for this industrial park project, valued at over half a billion dollars.

Alongside the upcoming IP, Vingroup has invested in several large-scale projects in the central provine.

In late 2021, the group established the VinES electric vehicle battery factory on nearly 13ha in Vung Ang EZ, beginning to supply products for the VF6 model from mid-last year. Additionally, Vingroup is considering investments in a seaport and logistics facilities, totalling $1.6 billion, as well as Ky Ninh Resort in Vung Ang EZ.

Vung Ang EZ, established in 2006 and spanning over 22,000ha, currently hosts 151 investment projects. These include 94 domestic projects with a total registered capital sum of $2.4 billion and 57 foreign-invested inititatives totalling over $540 million, providing employment for nearly 20,000 workers.

Major projects in the zone include Formosa Ha Tinh Steel Corporation’s steel complex and Son Duong Port, with a phase-one investment of over $10 billion, and the $1.2 billion Vung Ang I thermal power plant.

Ha Tinh aims to develop Vung Ang EZ into a multifunctional economic hub in the coming years, focusing on key sectors such as metallurgy, energy, logistics, and port services.