VinFast has received a $1.2 billion incentive package from the State of North Carolina for its electric vehicle manufacturing project in the U.S. The largest economic incentive package in state history was signed this week by Governor Roy Cooper, making VinFast the first car maker to locate in North Carolina.
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 in the first phase.
Covering an area of 2,000 acres, with two main areas: electric cars and buses production and assembly, and ancillary industries for suppliers, VinFast's factory is designed to reach the capacity of 150,000 vehicles per year. When brought into operation, the manufacturing complex will create an ecosystem of suppliers as well as thousands of local jobs, thereby creating both direct and indirect economic benefits.
Phase one of the project will start construction in the second half of 2022 and production is expected to commence from July 2024. The factory establishment once again affirms VinFast's commitment to expand its business and invest in key locations across the U.S. and globally.
In North Carolina, VinFast will be the first car factory and the largest economic development project in the state's history to date.