Picture: VinFast

VinFast has announced that they have received a $1.2 billion incentive package from the State of North Carolina for its electric vehicle manufacturing project in the U.S. The deal was signed by Governor Roy Cooper and is the largest economic incentive package to be signed in state history. This will also make VinFast the first car maker to be in North Carolina. 

The VinFast’s manufacturing facility will be built at the Triangle Innovation Point in Chatham County, North Carolina with a total investment of about $2 billion USD in the first phase.  

VinFast has designed the factory to reach a capacity of 150,000 vehicles per year with a focus on two main areas: electric cars and bus production and assembly, and ancillary industries for suppliers. The factory is said to be covering an area of 2,000 acres.  

Phase one of the project will start construction in the second half of 2022, and production is expected to commence in July 2024. 

Van Anh Nguyen, CEO of VinFast Manufacturing US, says: “VinFast applauds North Carolina for their efforts and determination in advancing the state’s clean energy economy and carbon mitigation goals. This investment by the State of North Carolina is the starting point for a future marked by innovation, job creation, and economic growth. Today exemplifies how government and industry can come together to pursue a brighter future.” 

“North Carolina’s partnership with VinFast to bring good, clean energy jobs to North Carolina took an important step forward today with the signing of the budget, adds Roy Cooper, Governor of North Carolina. “Electric vehicles, like the ones VinFast will produce in Chatham County, are a critical component of our strategy to reduce greenhouse gas emissions and build North Carolina into a hub for the clean energy economy.” 

VinFast will also open its first six stores in prime locations across California, with the first to open in Santa Monica, one of the most high-traffic shopping areas in the Los Angeles area. 

Madam Le Thi Thu Thuy, Vingroup Vice Chairwoman and VinFast Global CEO, comments: “The opening of the first six VinFast Stores in the US marks an important milestone in the company’s global journey, as we move toward bringing premium products and services to American consumers. 

“I believe that introducing VinFast and interacting with customers one-on-one in our corporate-owned and operated stores is the best way to build relationships with customers and to ensure quality service. We are proud to drive the global EV revolution towards a sustainable future. This future officially takes its next step today in California and will soon expand across the US and globally.”