City of Burlington
Economic Development Department
VinFast, a private automotive company headquartered in Singapore, announced in March of 2022 that they would be opening a manufacturing facility in Chatham County, North Carolina. The project has received $1.25 billion in state and local incentives and will be the first automotive manufacturing facility in North Carolina. With the goal of completing construction by 2024, the facility is creating 7,500 jobs over five years, averaging salaries at $51,000.
VinFast will be manufacturing two models of VinFast SUVs – a full-sized sports utility vehicle and mid-sized sports utility vehicle – as well as producing batteries for electric vehicles and buses. Once operations begin, the facility will produce 150,000 vehicles annually, with plans to invest in future phases of expansion. By 2026, the company plans to invest $4 billion.
Image Source: VinFast
This project is the first – and biggest – in North Carolina history. Not only is VinFast bringing the first automotive manufacturing facility to the state, but it is also the first facility VinFast has announced in the country. Furthermore, it is the biggest state incentive package ever awarded to an economic development project. The largest incentive package had previously been awarded to Apple, with $846 million in incentives to create 3,000 jobs. As approved by the NC Department of Commerce, VinFast is set to receive $854 million in state incentives for the project.
To read more about this economic development project and its promising benefits to the state, please visit our blog about North Carolina’s budding electric vehicle industry!
Image Source: VinFast Newsroom
Isabella DeLaGarza, EYOS Fellow
425 S. Lexington Ave.
Burlington, NC 27215