What’s Happening
VinFast has announced its groundbreaking ceremony for an electric vehicle (EV) factory set to be held on July 28, in North Carolina. Marking the first EV manufacturing facility in the state, this strategic move underscores VinFast’s commitment to boosting the supply of electric vehicles in North America and propelling the global shift toward green mobility.
Why It Matters
Situated at Triangle Innovation Point in Chatham County, the VinFast facility will stretch over an estimated 1,800 acres. The manufacturing plant, which will comprise two primary sections – EV production and assembly – is set to reach an annual production capacity of 150,000 vehicles in its initial phase. Furthermore, this factory will accommodate an ecosystem of supplier businesses, making it an industrial powerhouse in the region.
Key Points
The company has secured basic permits to kickstart Phase 1 construction. Once the manufacturing complex is operational, VinFast’s factory will spur job creation, generating thousands of new employment opportunities within the supplier ecosystem.
VinFast Auto’s CEO, Madam Le Thi Thu Thuy, affirmed the significance of the North Carolina facility, stating it will become the primary provider of VinFast’s EVs to the North American market, allowing streamlined production and business processes. She anticipates that the establishment of this factory will support North Carolina’s green mobility strategy and accelerate the growth of the clean energy economy in the US.
Bottom Line
Production at the new factory is expected to commence in 2025. Last year, VinFast received a $1.2 billion incentive package from North Carolina, bolstered by additional financial backing from the City of Sanford, Chatham County, and the Golden Leaf Foundation.
Aside from this manufacturing endeavor, VinFast is expanding its footprint in the U.S through an extended network of retail stores and service centers, organizing local test drives, and showcasing products at events throughout California. These initiatives will provide customers with first-hand experience of VinFast’s electric vehicles, supporting the company’s broader mission to advance sustainable transportation solutions.
