Here’s a breakdown of the VinFast project and more — from 1 to 1.25 billion

Sources: News + Record research, Raleigh News & Observer, Triangle Business Journal, VinFast.

Thanks for reading Chatham County’s leading news source! Making high quality community journalism isn’t free — please consider supporting our journalism by subscribing to the News + Record today.

Unlimited Digital Access begins at $4.67/month

Print + Digital begins at $6.58/month

Posted

1

The number of automotive manufacturers North Carolina can claim as of now, thanks to last week’s VinFast announcement. Carmakers N.C. was in the running to land over the years, but missed out on, included Volvo, Mercedes-Benz, Volkswagen, Audi, Tesla, and Toyota-Mazda. Ford looked at both of Chatham County’s megasites — including Triangle Innovation Point (TIP), where VinFast will go — but eventually picked Tennessee as home.

2

Models of vehicles VinFast will produce in Chatham County: the VF 9, a seven-passenger all-electric Sport Utility Vehicle, and the VF 8, a five-passenger, all-electric mid-size SUV. The VF 9 has a range of 422 miles, while the smaller VF 8 has a range of 316 miles.

4

Investment, in billions of dollars, VinFast plans for its EV (electric vehicle) and electric battery assembly plant in Chatham County’s TIP East site. The initial phase of construction is projected to be $2 billion.

6

The number of EV projects under consideration in North Carolina as late as December, according to state officials in published reports.

7

Amount in capital investment, in billions of dollars, from seven major projects announced in North Carolina since Jan. 1 of this year. The state has been a hotspot for development: last year, in 2021, $10 billion in economic development projects were announced, with companies promising more than 23,000 jobs.

7.44

The number of indirect jobs created by each manufacturing job, according to the U.S. Economic Policy Institute.

11

Time difference, in hours, between Hanoi, Vietnam, and Raleigh — meaning lots of Sunday night/Monday morning conferences between Chatham County and state officials and VinFast’s team.

20

Years ago that efforts to establish Chatham County as an OEM (original equipment manufacturer) destination began. Past Chatham Economic Development Corporation Presidents Dianne Reid, Kyle Touchstone and Alyssa Byrd, along with key real estate partner Steve Stroud, helped laid the foundation for Chatham’s future success, according to those involved. Past EDC chairmen included Jeff Wilson, Douglas Emmons and Chris Ehrenfeld. County officials and commissioners also worked for years behind the scenes, developing an incentive program and more.

24

Minutes VinFast says its VF 8 battery needs to charge from 10% power to 70%. The larger VF 9’s battery requires 26 minutes to achieve the same.

35

Dollars, in billions, representing Vingroup’s estimated total market capitalization — which includes three publicly traded companies and its private businesses. An initial public offering the company is said to be considering could increase that number significantly.

50+

Number of potential sites VinFast evaluated — across 29 states — before it began to narrow sites down. The company focused its search on sites in 12 states before choosing Chatham County. VinFast made its first visit to Chatham County in December, then told local officials in early March the TIP site was a part of its focus. At the very end, VinFast officials picked Chatham over a site in Savannah, Georgia.

71.59

Dollars, in billions, by which the VinFast’s project is estimated to grow the state’s economy over the next 32 years

174

The number of business expansion, relocation, or site selection projects announced in N.C. in 2021. Nearly 200 other potential projects were still considering N.C. as of Jan. 1 of this year.

200

Amount, in dollars, required to put your name on the reservation list for a VinFast vehicle. Those who took advantage before the program’s deadline of Tuesday received a $3,000 e-Voucher towards a VF 8 or a $5,000 e-Voucher towards a VF 9.

709

The estimated population of Moncure, the unincorporated town located near the TIP site.

1,500

Miles of EV corridors in North Carolina — sections of roads with planned or actively available charging stations.

1,802

Size, in acres, of the Chatham-Siler City Advanced Manufacturing Site in Siler City. Interest in the CAM site, already high, has reached a fever pitch in the last week or so, according to economic development observers.

1993

The year Vingroup, the parent company of VinFast, was founded — in Ukraine, selling instant noodles. Vingroup began work in Vietnam in the early 2000s; VinFast was founded in 2017.

1993

The same year The Washington Post reported North Carolina had made the winning bid for a new Mercedes-Benz facility, citing anonymous sources on Sept. 23. A week later, Mercedes announced it would locate in Alabama.

1,977

Size, in acres, of the site VinFast plans to construct its manufacturing center in Chatham’s TIP site. Triangle Innovation Point’s total size is 2,158.5 acres. VinFast will occupy TIP East and other parcels of land, while the 420 acres of TIP West are being developed separately. The site, formerly known as the Moncure Megasite, was originally developed beginning in 2005 by members of the Kaplan family, which formed Moncure Holdings LLC after acquiring tracts of land there.

2024

The year VinFast expects to produce its first vehicles here. Company officials have targeted July 2024 as the date for the first cars

6,000

The minimum number of jobs VinFast will be required to provide at its Chatham facility in order for the company to receive any of the state incentives promised to it under an agreement known as a Job Development Investment Grant, or JDIG.

39,000

Approximate cost, in dollars, VinFast will charge for its mid-size VF 8 SUV. A VinFast executive told the News + Record that pricing will likely start at around $49,000 for the VF 9 in the U.S. — but incentives may bring prices lower, particularly as the plant’s production ramps up.

51,096

The average annual wage, in dollars, for the 7,500 jobs expected to be filled at the site in Chatham County. The county’s average annual wage is now $41,638. All told, VinFast will boost the region’s total payroll by $383 million.

150,000

The annual vehicle capacity of the first phase of VinFast’s plans for the TIP site. Production capacity is expected to grow to between 200,000 and 250,000 per year. Along with its facility in Hai Phong, Vietnam, VinFast says it will make 950,000 cars a year by 2026.

187,000

Average annual wage, in dollars, Apple says it will pay the 3,000 employees it plans to hire for its proposed campus in the Triangle. The Apple project’s initial investment will be $1 billion, a quarter of VinFast’s.

1 billion

The loss, in dollars, VinFast suffered on its gasoline-powered vehicles in 2021, according to Nikkei Asia — leading the company to prioritize its EV production and stop production of gas-powered cars.

1.25 billion+

The total value, in dollars, of economic incentives VinFast is projected to received — including a state incentives package worth $854 million over 32 years. Chatham County will add $400 million in incentives, based on parameters such as number of jobs, job benefits, wage level compared to county and state averages, number of Chatham residents hired, level of capital investment and environmental impact.

Comments

No comments on this item Please log in to comment by clicking here