VinFast and the government of North Carolina announced Tuesday the signing of the memorandum of understanding (MOU) for the establishment of VinFast’s first North Americanmanufacturing plant. The company intends to invest up to $2 billion in the project’s phase one, creating thousands of jobs. VinFast’s factory will create a major manufacturing center in Chatham County’s Triangle Innovation Point megasite, covering an area of 800-hectares, with three main areas: electric cars and buses production and assembly, electric vehicle (EV) batteries production and ancillary industries for suppliers. Construction for phase one of the factory will start in 2022 after a construction permit is granted and production is expected to start in July, 2024. The capacity of phase one is expected to be 150,000 vehicles per year.