VinFast receives 1.2 billion USD in incentives for North Carolina car-making complex
Carmaker VinFast revealed that it has secured a 1.2 billion USD incentive package from the North Carolina state for its electric vehicle manufacturing project in the US.
Vingroup Vice Chairwoman & VinFast Global CEO Le Thi Thu Thuy (right, first row), and North Carolina Governor Roy Cooper in the MoU signing ceremony for VinFast’s factory project in March 2022. (Photo: VNA)
Hanoi (VNA) – Carmaker VinFast revealed that it has secured a 1.2 billion USD incentivepackage from the North Carolina state for its electric vehicle manufacturingproject in the US.
The economic incentive package, signed by Governor Roy Cooper, is the largestever in North Carolina's history, making VinFast the first carmaker to locatein the state.
Thefacility will be developed at the Triangle Innovation Point in Chatham County,North Carolina, with a total investment of about 2 billion USD in the firstphase.
Coveringan area of 800ha, with two main areas for electric cars and buses productionand assembly, and ancillary industries for suppliers, the VinFast factory isdesigned to reach the capacity of 150,000 vehicles per year. Once put into operation, the facility will createan ecosystem of suppliers and thousands of jobs.
“North Carolina’s partnership with VinFast tobring good, clean energy jobs to North Carolina took an important step forward todaywith the signing of the budget," North Carolina Governor Roy Cooper was quotedas saying in a VinFast release.
Electric vehicles, like those VinFast willproduce in Chatham County, are a critical component of the strategy to reducegreenhouse gas emissions and build North Carolina into a hub for the cleanenergy economy, he said.
VanAnh Nguyen, CEO of VinFast Manufacturing US, said VinFast applauds North Carolina forits efforts and determination in advancing the state's clean energy economyand carbon mitigation goals.
This investment by the state of North Carolina isthe starting point for a future marked by innovation, job creation, andeconomic growth, she added.
The CEO said Phase One of the project will start construction in the second half of ☂this year andproduction is expected to commence from July 2024, adding that the factoryestablishment affirms VinFast's commi🍌tment to expand its business and invest inkey locations across the US and globally./.
Vietnamese automaker VinFast and Electrify America, the largest open ultra-fast charging network in the US, on April 13 (New York time) announced an agreement to provide owners of VinFast electric vehicles with charging services, plus two complimentary charging sessions.
Automaker VinFast announced its plan to open more than 50 stores in Europe at the 35th International Electric Vehicle Symposium and Exhibition (EVS35) in Norway on June 14.
Automaker VinFast on July 13 announced that it has signed agreements with Credit Suisse (Singapore) Ltd and Citigroup Global Markets Inc. to raise at least 4 billion USD to develop an electric vehicle factory in North Carolina, the US.
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Vingroup Vice Chairwoman & VinFast Global CEO Le Thi Thu Thuy (right, first row), and North Carolina Governor Roy Cooper in the MoU signing ceremony for VinFast’s factory project in March 2022. (Photo: VNA) 
