VinFast receives 1.2 billion USD in incentives for North Carolina car-making complex

Vingroup Vice Chairwoman & VinFast Global CEO Le Thi Thu Thuy (right, first row), and North Carolina Governor Roy Cooper in the MoU signing ceremony for VinFast’s factory project in March 2022. (Photo: VNA)

Hanoi (VNA) – Carmaker VinFast revealed that it has secured a 1.2 billion USD incentive package from the North Carolina state for its electric vehicle manufacturing project in the US.

The economic incentive package, signed by Governor Roy Cooper, is the largest ever in North Carolina's history, making VinFast the first carmaker to locate in the state.

The facility will be developed at the Triangle Innovation Point in Chatham County, North Carolina, with a total investment of about 2 billion USD in the first phase.

Covering an area of 800ha, with two main areas for electric cars and buses production and assembly, and ancillary industries for suppliers, the VinFast factory is designed to reach the capacity of 150,000 vehicles per year. Once put into operation, the facility will create an ecosystem of suppliers and thousands of jobs.

“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," North Carolina Governor Roy Cooper was quoted as saying in a VinFast release.

Electric vehicles, like those VinFast will produce in Chatham County, are a critical component of the strategy to reduce greenhouse gas emissions and build North Carolina into a hub for the clean energy economy, he said.

Van Anh Nguyen, CEO of VinFast Manufacturing US, said VinFast applauds North Carolina for its 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, she added.

The CEO said Phase One of the project will start construction in the second half of this year and production is expected to commence from July 2024, adding that the factory establishment affirms VinFast's commitment to expand its business and invest in key locations across the US and globally./.