VinFast has announced it has received a $1.2 billion incentive package from the State of North Carolina for its electric vehicle manufacturing project in the US. The largest economic incentive package in state history was signed by Governor Roy Cooper, making VinFast the first car maker to locate in North Carolina.
The 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 USD 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.
Phase one of the project will start construction in the second half of 2022, and production is expected to commence from July 2024.
Van Anh Nguyen, CEO of VinFast Manufacturing US, says: “VinFast applauds North Carolina for their 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. Today exemplifies how government and industry can come together to pursue a brighter future.”
“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, adds Roy Cooper, Governor of North Carolina. “Electric vehicles, like the ones VinFast will produce in Chatham County, are a critical component of our strategy to reduce greenhouse gas emissions and build North Carolina into a hub for the clean energy economy.”
The Vietnam-based company also opened its first six VinFast stores, which are located in prime locations across California.
One of the first stores – VinFast Santa Monica – is located at Santa Monica Place, one of the most high-traffic shopping centres in the Los Angeles area.
Madam Le Thi Thu Thuy, Vingroup Vice Chairwoman and VinFast Global CEO, comments: “The opening of the first six VinFast Stores in the US marks an important milestone in the company’s global journey, as we move toward bringing premium products and services to American consumers. I believe that introducing VinFast and interacting with customers one-on-one in our corporate-owned and operated stores is the best way to build relationships with customers and to ensure quality service. We are proud to drive the global EV revolution towards a sustainable future. This future officially takes its next step today in California and will soon expand across the US and globally.”
Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability in Hai Phong, Vietnam.
Keyword: VinFast Receives $1.2 Billion in Incentives for US Manufacturing Hub in North Carolina