Vietnam EV startup VinFast to break ground for US factory next week

Vietnamese electric vehicle startup VinFast will hold a groundbreaking ceremony for a major factory in North Carolina in the U.S. on July 28, the producer said on Wednesday.

“This will be the first electric vehicle manufacturing facility in North Carolina, and will help contribute to the supply of electric vehicles in North America and accelerate the global green mobility revolution,” said VinFast, the car unit of Vingroup, Vietnam’s largest private conglomerate.

VinFast's manufacturing facility will be built at the Triangle Innovation Point in Chatham Count. Covering an area of approximately 1,800 acres (nearly 7.3 million square meters), the EV plant is designed to reach a capacity of 150,000 vehicles per year in phase one.

The complex will consist of two main areas – production and assembly. Expected to start production in 2025, it will also house supplementary supplier businesses.

The project has received basic permits to begin phase-one construction. When the manufacturing complex commences operations, VinFast’s factory will create an ecosystem of suppliers and help generate thousands of new jobs.

“The North Carolina manufacturing facility is one of VinFast's key projects. When it begins operations, the factory will be our primary supplier of electric vehicles to the North American market, allowing us to optimize production and business activities,” VinFast CEO Le Thi Thu Thuy said.

“We hope the construction of the factory in Chatham county will contribute to advancing the clean energy economy in the U.S. and help to support North Carolina’s green mobility strategy,” she added.

VinFast was awarded a $1.2 billion incentive package from the State of North Carolina for this project in 2022, along with critical financial support from the city of Sanford, Chatham county and the Golden Leaf Foundation.

In addition to the factory, VinFast is accelerating its business and brand recognition in the U.S., by expanding its retail store and service center networks, organizing local test drives, and displaying products at events throughout California.