Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnam’s VinFast to open $2B EV factory in US’ North Carolina

Vietnam’s VinFast to open $2B EV factory in US’ North Carolina

Content image - Phnom Penh Post
A VinFast VF 5 electric vehicle is displayed at the CES electronics convention on January 5 in Las Vegas, Nevada, the US. AFP

Vietnam’s VinFast to open $2B EV factory in US’ North Carolina

Vietnamese car manufacturer VinFast on March 29 announced that it will build a $2 billion electric vehicle (EV) factory in the US state of North Carolina amid its push to enter the competitive global market for EVs.

President Joe Biden cheered the announcement of the 800ha factory in Chatham county that will also make electric buses and EV batteries, calling it “the latest example of my economic strategy at work”.

“Our efforts to build a clean energy economy are driving companies to make more in America, rebuild our supply chains here at home, and ultimately bring down costs for the American people,” he said.

VinFast said construction on the facility that will be able to produce 150,000 vehicles a year would start this year once a permit is obtained, and aim to finish by 2024.

In a statement, the automaker said the factory would produce the five-passenger VinFast VF 8 and the seven-passenger VinFast VF 9, both of which are all-electric SUVs.

Under the company’s memorandum of understanding with the state of North Carolina, VinFast said it would expand the factory in the future.

“North Carolina’s strong commitments in building a clean energy economy, fighting climate change and reducing greenhouse gas emissions in transportation make it an ideal location for VinFast to develop its premium, smart and environmentally friendly EVs,” VinFast Global CEO Le Thi Thu Thuy said in a statement.

The carmaker is a subsidiary of Vietnam’s largest private conglomerate, Vingroup, which is owned by Pham Nhat Vuong, the country’s richest man with a fortune Forbes estimates as $6.3 billion.

Last July, VinFast announced it would launch two new EVs in North America and Europe in 2022.

The US EV market is an increasingly competitive space, home to Tesla, a host of start-ups and the Detroit automakers, who have recently announced electric versions of longstanding models.


  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro