VinFast to build first EV factory in North America

VinFast's factory will create a major manufacturing centre in Chatham County's Triangle Innovation Point megasite, covering an area of 800-hectares. (Source: viettimes.vn)

Hanoi – Vietnamese automaker VinFast and the government of North Carolina in the US on March 30 (Vietnam time) signed a memorandum of understanding (MoU) on the construction of VinFast's first electric vehicle (EV) manufacturing factory in North America, which has total investment of 2 billion USD in its first phase and will create thousands of jobs.

VinFast's factory will create a major manufacturing centre in Chatham County's Triangle Innovation Point megasite, covering an area of 800-hectares, with three main areas for electric cars and buses production and assembly, EV batteries production and ancillary industries for suppliers.

Work on the first phase of the project will start in 2022 after VinFast receives its construction permit. The factory is expected to become operational from July, 2024. In the first phase, the factory will have a capacity of producing 150,000 vehicles each year. According to the MOU, VinFast will continue to invest in this factory in future phases. Vehicles to be produced at the site include the VinFast VF 9, a 7-passenger all-electric Sport Utility Vehicle (SUV), and the VinFast VF 8, a 5-passenger, all-electric mid-size SUV.

US President Joe Biden has welcomed the construction of the factory, describing it as the latest example for economic strategy and efforts of the US Government in building a green energy-based economy.

At the signing ceremony of the MoU between VinFast and the government of North Carolina. (Source: nld.com.vn)

North Carolina Governor Roy Cooper said that North Carolina is quickly becoming the centre of the US’s emerging, clean energy economy, stressing that VinFast's transformative project will bring many good jobs to the state, along with a healthier environment as more electric vehicles take to the road to help it reduce greenhouse gas emissions.

Meanwhile, North Carolina Commerce Secretary Machelle Baker Sanders said that automotive assembly plants are incredible engines for economic growth, due to the positive ripple effects they create across a region's economy. She expressed her delight that VinFast has decided to launch its North America manufacturing operations from the state, pledging that North Carolina will work hard to make sure the Vietnamese investor find the skilled workforce it need to grow and thrive in the state.

VinFast was founded in 2017 and headquartered in Hanoi. The carmaker boasts a state-of-the-art vehicle production facility in Haiphong, Vietnam, that will have the capacity to produce 950,000 vehicles per year by 2026. VinFast has established global operations in the US, Canada, Germany, France and the Netherlands. The company currently provides an ecosystem of EV products in its home country of Vietnam, including e-scooters, electric buses and electric cars, charging station system and green energy solutions.