Vietnam EV maker VinFast to start construction of U.S. factory next week

HANOI (Reuters) – Vietnam’s automaker VinFast on Wednesday said it will start construction of its electric vehicle (EV) factory in the United States next week, aiming to produce 150,000 units per year in the first phase at its North Carolina plant.

The unit of Vietnam’s largest conglomerate Vingroup JSC announced a plan to build a $4 billion EV factory in Chatham County on 1,800 acres of land in March last year.

Commissioning was targeted for 2025, a year later than its initial plan.

In February, VinFast received an environmental permits required to start construction on phase 1 of the planned project.

The factory consists of two main areas for electric vehicle production and assembly and other supplier businesses, VinFast said in a statement.

(Reporting by Phuong Nguyen; Editing by Martin Petty)