Vietnamese carmaker to produce electric cars at U.S. factory

Vietnamese carmaker VinFast planned to produce electric cars at a new U.S. factory with an initial investment of two billion dollars, the company announced on Wednesday.

VinFast signed a memorandum of understanding with the state of North Carolina. Construction for phase one of the factory would start this year.

The production would be expected from July 2024 to make 150,000 vehicles per year and create some 7,000 jobs.

The firm said it would invest further in the factory in future phases.

The company is part of the Vingroup conglomerate founded by Vietnam’s richest man, billionaire entrepreneur Pham Nhat Vuong.

The seven-seater VinFast VF 9 and the five-seater VinFast VF 8 electric sports utility vehicles were among the cars to be produced at the facility.

VinFast chief executive Le Thi Thu Thuy said North Carolina’s commitment to building a clean energy economy made it an ideal location for the firm to develop its electric vehicles.

“Having a production facility right in the market will help VinFast proactively manage its supply chain, maintain stabilised prices and shorten product supply time.

“It will be making VinFast’s electric vehicles more accessible to customers, contributing to the realisation of local environmental improvement goals.”

VinFast operates globally in the U.S., Canada, Germany, France and the Netherlands.

The company currently provides an ecosystem of electric vehicle products in its home country of Vietnam, including e-scooters, electric buses and electric cars, charging station systems and green energy solutions.

Vingroup, Vietnam’s largest property developer and industrial conglomerate, is headquartered in Hanoi and was founded by Pham Nhat Vuong in 1993.

VinFast was founded in 2017.