VinFast, the trailblazing Vietnamese car manufacturer, made history on a momentous day in North Carolina as they broke ground for their ambitious electric vehicle plant. With shovels in hand and excitement in the air, the groundbreaking ceremony kicked off the company’s first-ever production hub outside Vietnam. North Carolina’s Chatham County, located approximately 48 kilometers southwest of Raleigh, is set to witness a transformative chapter unfold.
The $4 billion project not only marks a remarkable milestone for VinFast but also represents the largest state-backed economic development endeavor in North Carolina. The state’s anticipation for an automaker has been rewarded, and VinFast’s arrival signals a bright future for the region’s automotive landscape.
VinFast CEO, Le Thi Thu Thuy, joined hands with North Carolina Governor Roy Cooper to symbolize the start of the meaningful venture. With a shared vision for embracing the future of mobility, Governor Cooper expressed his optimism for welcoming the electric vehicle (EV) market to North Carolina.
Renowned for their fully electric SUVs, VinFast plans to ignite manufacturing and assembly operations in 2025, with an impressive annual production capacity of 150,000 vehicles. Crucial regulatory milestones have already been cleared, with site plans submitted to the Chatham County government and essential county and environmental permits secured.
North Carolina and Chatham County showcased their commitment to the project by extending an enticing incentive package worth $1.25 billion. The package is subject to VinFast meeting hiring and investment targets, including a significant $450 million allocated for infrastructure development around the plant.
Despite being a relatively young player in the automotive industry, having been founded in 2017, VinFast has rapidly accelerated towards a future focused on electric SUVs and international markets. The company’s success is evident, as 350 of their five-seat models have already found their way to U.S. customers since last year’s first delivery batch.
The VinFast CEO also expressed her enthusiasm and vision that goes beyond numbers, highlighting the project’s goal of generating thousands of jobs in North Carolina and reflecting a shared ambition for the future.
“Our project is more than a mere investment,” she said, “We’re thrilled to generate thousands of jobs in North Carolina, but we believe the acclaim we receive here transcends mere figures, reflecting a shared ambition.
While there was a slight adjustment to the original timeline, VinFast remains steadfast in its dedication to the North Carolina project. The company views this endeavor as a crucial part of its ongoing global journey into the world of electric vehicles. The groundbreaking event on July 28 marks the start of an exciting new chapter for VinFast and North Carolina alike.