VinFast gets $1.2 billion incentive from North Carolina for electric vehicle factory

VinFast receives 1.2 billion USD in incentives for North Carolina car making complex - VinFast gets $1.2 billion incentive from North Carolina for electric vehicle factory

After announcing the opening of its first showroom in the US, Vietnamese manufacturer revealed that it has secured a $1.2 billion incentive package from the state of North Carolina for the construction of an electric vehicle factory.

The economic incentive package is the largest in North Carolina’s history and was signed by Governor Roy Cooper. The electric vehicle factory is the first car production facility to be located in the state.

The electric vehicle plant is located at Triangle Innovation Point in Chatham County, North Carolina, with a total investment of approximately USD 2 billion in the first phase.

The facility in North Carolina covers an area of ​​800ha, with two main areas for the production and assembly of electric cars and buses. In addition, there is a supporting industrial area for suppliers. The VinFast electric vehicle plant in North Carolina is targeted to reach a capacity of 150,000 vehicles per year.

“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,” said North Carolina Governor Roy Cooper

Van Anh Nguyen, CEO of VinFast Manufacturing USA, said

VinFast, through Van Anh Nguyen, CEO of VinFast Manufacturing USA, praised North Carolina for advancing the state’s clean energy economy and carbon mitigation goals.

The initial phase of construction of the Vinfast electric vehicle plant will take place in the second half of this year and production is expected to start from July 2024.