Microsoft Teams Image

Vinfast, Vietnamese EV Company, to Build EV Factory in North Carolina

March 29, 2022
The factory, Vinfast’s first in North America, is expected to create 7,500 jobs.

A new automaker is coming to the United States to build electric vehicles. VinFast, a Vietnamese auto manufacturer founded in 2017, announced March 29 it would build its first North American factory in North Carolina. Once it’s up and running, the facility will employ about 7,500 new workers to assemble electric cars and busses, batteries for electric vehicles, and ancillary industries for suppliers.

Construction on the plant is expected to begin later this year, with production slated to begin in July 2024 at a rate of 150,000 vehicles a year. The factory will build at least two brands of VinFast automobiles, the VF 8 AND VF 9, both all-electric SUVs.

The plant will cost $2 billion for its “first phase,” VinFast says, with more investment and capacity to come after.

In a statement, VinFast’s Global CEO, Le Thi Thu Thuy, said the state’s green-energy commitments made it the best choice. “North Carolina’s strong commitments in building a clean energy economy, fighting climate change and reducing greenhouse gas emissions in transportation make it an ideal location for VinFast to develop its premium, smart and environmentally friendly EVs,” he said.

Construction of the factory will get a boost from the state. As part of a grant from North Carolina’s Economic Investment Committee, VinFast will receive $316.1 million in reimbursement over 32 years, pending annual verification. An additional $450 million of state money will help pay for infrastructure improvement around the site, including to road, water and sewer systems.

Governor Cooper of North Carolina boasted his state is becoming an emerging powerhouse of climate-friendly manufacturing. “North Carolina is quickly becoming the center of our country’s emerging, clean energy economy,” he said in a statement. “VinFast’s transformative project will bring many good jobs to our state, along with a healthier environment as more electric vehicles take to the road to help us reduce greenhouse gas emissions.”  

Popular Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!