When VinFast first announced plans for a $4 billion electric vehicle assembly plant in Chatham County, the project was welcomed as a breakthrough for North Carolina’s automotive industry. The groundbreaking drew major attention, raising expectations that the state would soon host its first large-scale car manufacturing facility.
Since then, however, momentum has faded. In mid-2024, the Vietnamese automaker disclosed that production at the Moncure site would not begin until 2028, pushing the schedule back several years. Aside from early site preparations, little visible development has moved forward, leaving the ambitious project on hold while the company reassesses its rollout.
The extended delay has tempered early optimism, turning what was once hailed as a transformational project into a long wait for progress. But there is renewed hope for VinFast’s stalled North Carolina project as another long-delayed investment — Red Bull’s $1.5 billion beverage campus in Concord — finally breaks ground.
The First Phase of VinFast’s US EV Factory
VinFast plans to invest $2 billion for the first phase of its US EV Factory project in setting up the facility’s assembly and production locations for electric vehicles. Le Thi Thu Thuy, the president of VinFast Auto, expressed confidence in the project, emphasizing its capability to produce an impressive 150,000 vehicles annually during its first Phase. Additionally, the company aims to foster collaboration with suppliers by incorporating dedicated facilities within the factory. According to President Joe Biden through a White House press release in March 2022. This venture is anticipated to create more than 7,000 jobs, a significant boost to the local economy.
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Once operational, the North Carolina VinFast EV factory will become VinFast’s primary supplier of electric vehicles to the ever-expanding North American market. Despite a one-year delay from the original timeline, the project is now set to begin production in 2025. VinFast’s parent company, Vingroup, the largest conglomerate in Vietnam. The company remains committed to the venture, eager to capitalize on the growing demand for electric vehicles.
In an increasingly competitive electric vehicle (EV) market, VinFast US EV factory will face stiff competition from industry. However, with its strategic investment in the North Carolina factory and a determination to expand its footprint globally. The Vietnamese automaker stands ready to establish itself as a contender in the electrifying world of electric vehicles. The demand for electric vehicles shows signs of reaching a plateau in major regions. VinFast’s entry into the US market could be bringing innovation, employment, and economic growth to the region.
