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.