Vietnam-based VinFast and the government of North Carolina have signed a Memorandum of Understanding (MOU) for the establishment of VinFast's first North American manufacturing plant.
The company intends to invest up to $2 billion in the project's phase 1.
VinFast's factory will create a major manufacturing center in Chatham County's Triangle Innovation Point mega-site, covering an area of 800-hectares, with three main areas: electric car and bus production and assembly, EV battery 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 7-passenger all-electric Sport Utility Vehicle (SUV), and the VinFast VF 8, a 5-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."
This project will generate thousands of jobs for local communities. The North Carolina Department of Commerce coordinated the state's recruitment of VinFast, which also involved state, regional, and local organizations.
North Carolina Commerce Secretary Machelle Baker Sanders stated "Automotive assembly plants are incredible engines for economic growth, due to the positive ripple effects they create across a region's economy. 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."
Founded in 2017 and headquartered in Hanoi, VinFast has a vehicle production facility in Haiphong, Vietnam, that will have the capacity to produce 950,000 vehicles per year by 2026.
VinFast has established global operations in the US, Canada, Germany, France, and the Netherlands. The company currently provides an ecosystem of EV products in its home country of Vietnam, including e-scooters, electric buses, electric cars, charging station systems, and green energy solutions.
The project in North Carolina affirms VinFast's commitment to investing and developing business in its international markets in general and the US in particular. It will also ensure VinFast's self-reliance in global manufacturing, the company said.
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