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VINFAST receives $1.2 billion boost for US manufacturing hub in North Carolina

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Covering an area of ​​2,000 acres, with two main areas: the production and assembly of electric cars and buses, and ancillary industries for suppliers, Winfast’s factory is designed to reach a capacity of 150,000 vehicles per year. When put into operation, the manufacturing complex will create an ecosystem of suppliers as well as thousands of local jobs, creating both direct and indirect economic benefits.

“North Carolina’s partnership with WinFast to bring good, clean energy jobs to North Carolina took a significant step forward with the signing of the budget today, Roy Cooper, Governor of North Carolina said. “Electric vehicles, such as Winfast will produce in Chatham County, are an important component of our strategy to reduce greenhouse gas emissions and make North Carolina a hub for the clean energy economy.”

“Winfast commends North Carolina for their efforts and determination in advancing the state’s clean energy economy and carbon mitigation goals,” he said. Van Un Nguyen, CEO of Winfast Manufacturing US. “This investment by the state of North Carolina is the starting point for a future marked by innovation, job creation and economic growth. Today exemplifies how government and industry can come together to pursue a brighter future.”

The construction of the first phase of the project will start in the second half of 2022 and production is expected to start from July 2024. The factory establishment once again reaffirms Winfast’s commitment to expanding its business and investing in key locations in the US and globally.

In North Carolina, Winfast will be the first car factory and the largest economic development project ever in the state’s history.

“The North Carolina General Assembly is thrilled that Winfast has chosen North Carolina for its vast expansion,” said Phil Berger, President Pro Tempore of North Carolina managing committee, “There is no doubt that the business-friendly policies we have prioritized over the past decade have played a key role in WinFast’s plan to bring thousands of well-paying jobs to North Carolina.”

“North Carolina is heading into an exciting era of innovation with Winfast, one of our latest corporate citizens,” said Tim Moore, Speaker of the North Carolina House of Representatives, “As our state continues its growth with new and expanding businesses, we will continue to work with WinFast as the company establishes roots in North Carolina and brings new jobs and opportunities to North Carolinians.”

Winfast has also received significant financial support from the City of Sanford, Chatham County and the Golden Leaf Foundation. The full stimulus package includes:

  • Job Development Investment Grant of $316 million over 32 years
  • State appropriation of $450 million to cover site preparation, road improvements, and additional water and sewer infrastructure.
  • $38 million community college training
  • Golden Leaf Foundation $50 million grant
  • $400 million in incentives from Chatham County

Additionally, Winfast has received encouragement from commercial organizations in the state of North Carolina, which have been excluded from the government budget, amounting to hundreds of millions of dollars.

About Winfast

WinFAST – a member of Winggroup – envisioned driving the movement of the global smart electric vehicle revolution. Established in 2017, Winfast owns a state-of-the-art automotive manufacturing complex with globally leading scalability in Hai Phong, Vietnam.

Strongly committed to the mission of a sustainable future for all, Winfast consistently aims to bring global customers smart mobility and a sustainable future, by consistently bringing high quality products, advanced smart services, seamless customer experiences and pricing strategies for all. inspires you to create. The planet. Learn more here:

About Winggroup

Founded in 1993, Winggroup is one of the leading private conglomerates in the sector, with a total capitalization of US$35 billion from three publicly traded companies (as of November 4, 2021). Winggroup is currently focused on three main areas: Technology and Industry, Services and Social Enterprise. Learn more here: https://www.vingroup.net/en,

Source Winfast Automotive

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