VinFast Signs Agreement to Build EV Plant in North Carolina
VinFast and the government of North Carolina announced the signing of the memorandum of understanding (MOU) for the establishment of VinFast’s first North American manufacturing plant. The company intends to invest up to US$2 billion in the project’s Phase 1 construction.
VinFast’s factory will create a major manufacturing center in Chatham County’s Triangle Innovation Point megasite, covering an area of 800-hectares, with three main areas: electric cars and buses production and assembly, EV batteries production and ancillary industries for suppliers.
Construction for Phase 1 of the factory will start in 2022 after a construction permit is granted and production is expected to start in July, 2024. The capacity of Phase 1 is expected to be 150,000 vehicles per year. According to the MOU, VinFast will continue to invest in this factory in future phases. Vehicles to be produced at the site include the VinFast VF 9, a seven-passenger all-electric Sport Utility Vehicle (SUV) and the VinFast VF 8, a five-passenger, all-electric mid-size SUV.
“North Carolina is quickly becoming the center of our country’s emerging, clean energy economy,” said North Carolina Governor Roy Cooper. “VinFast’s transformative project will bring many good jobs to our state, along with a healthier environment as more electric vehicles take to the road to help us reduce greenhouse gas emissions.”
“Automotive assembly plants are incredible engines for economic growth, due to the positive ripple effects they create across a region’s economy,” said North Carolina Commerce Secretary Machelle Baker Sanders. “I’m so pleased that VinFast has decided to launch their North America manufacturing operations from our state, and we’ll work hard to make sure they find the skilled workforce they’ll need to grow and thrive in North Carolina.”
VinFast has established global operations in the U.S., Canada, Germany, France and the Netherlands.
“North Carolina’s strong commitments in building a clean energy economy, fighting climate change and reducing greenhouse gas emissions in transportation make it an ideal location for VinFast to develop its premium, smart and environmentally friendly EVs,” said Le Thi Thu Thuy, Vingroup Vice Chair and VinFast Global CEO. “Having a production facility right in the market will help VinFast to proactively manage its supply chain, maintain stablized prices and shorten product supply time, making VinFast’s Evs more accessible to customers, contributing to the realization of local environmental improvement goals.”
The project in North Carolina affirms VinFast’s commitment in investing and developing business in its international markets in general and the U.S. in particular. It will also ensure VinFast’s self-reliance in global manufacturing.