On March 29, 2022, Vietnamese automotive manufacturer VinFast announced that it has selected Chatham County, North Carolina, to build its first manufacturing facility in the United States. Governor Roy Cooper announced that the company has agreed to purchase land at the Triangle Innovation Point in Moncure to build a manufacturing plant for electric vehicles.
“We are grateful for this opportunity and thrilled to welcome VinFast to Chatham County, North Carolina,” said Chatham County Manager Dan LaMontagne. “This investment will benefit our community for decades to come by employing thousands of people in our region to build environmentally responsible vehicles that will reduce our carbon footprint.”
This project is the largest economic development project in state history and will create at least 7,500 jobs over five years (2023-2027). The company will initially manufacture two models of Sport Utility Vehicles in Chatham County, known as the VF8 and VF9 SUV models.
“In Chatham County, we have been positioning ourselves to be ready for responsible, forward-thinking, future-ready industries,” said Chatham County Board of Commissioners Chair Karen Howard. “I am proud to be part of the team that set the groundwork for us to welcome this investment by VinFast that fits squarely with the goals of our comprehensive plan, Plan Chatham.”
VinFast will create positions for a wide range of manufacturing operators, engineers, managers and supervisors, and executives. The average wage of the jobs will be at least $51,096. “This project also opens up significant possibilities for employment closer to home for Chatham County residents who have largely had to travel long distances to find meaningful, well-paid jobs,” added Howard.
Financial support of the project includes a Transformative-class Job Development Investment Grant (JDIG); Transformative JDIGs extend grant periods beyond the program’s standard 12-year time horizon, up to 30 years; VinFast’s Transformative JDIG could provide the company $316.1 million, paid over 32 years, if the company meets performance targets over those 32 years; North Carolina Community Colleges will provide $38 million in customized training support; The GoldenLEAF Foundation is expected to provide $50 million; Chatham County will provide over $400 million in incentives, pending approval by the Board of Commissioners; the North Carolina General Assembly is expected to appropriate $450 million to be used for site and road improvements, and additional water and sewer infrastructure.
Chatham County worked closely with the Chatham Economic Development Corporation (EDC), along with multiple local, regional, and state partners to attract the project. In addition to the NC Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include Governor Cooper, the NC General Assembly, Central Carolina Community College and the NC Community College System, NC Department of Transportation, NC Department of Environmental Quality, NC State Ports Authority, NC Railroad Company, the Golden Leaf Foundation, Triangle J Council of Governments, Duke Energy, Dominion Energy, CSX, Samet Corporation, the City of Sanford, Lee-Moore Capital Company, and JLL offices in Washington D.C. and Raleigh.
Regular project updates will be provided on the Chatham County website.
Original source can be found here.
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