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VinFast to Restart North Carolina Plant Construction
EV Maker Says It Plans to Start Operations in 2028
VinFast Auto Ltd. plans to resume construction at its North Carolina factory this year even as losses in the fourth quarter widened and costs tied to its global expansion continue to rise.
The U.S. factory was put on hold in 2024 after the Vietnamese electric vehicle maker said it woulddelayconstruction by three years. VinFast said it now expects to begin operations in 2028. Sales of electric vehicles in North America are forecast to drop 16% this year from 2025, according to BloombergNEF.
The U.S. factory’s scale is likely to be much smaller than first envisaged.
VinFast told local officials that the plant in Chatham County would employ about 1,400 workers — around 80% fewer than the 7,500 jobs originally promised, Business North CarolinareportedMarch 16. The reduction puts at risk $315 million of incentives offered by state and local governments over a 32-year period.
VinFast may also berequiredto reimburse the state as much as $125 million in site preparation costs if it fails to provide at least 3,875 jobs under a July 2022 development agreement. Separately, the state retains the option to buy back all or part of the 1,765-acre project site if VinFast misses certain hiring or construction milestones — including a target of 1,750 jobs by the end of 2026 — under a related real estateagreement.
However if VinFast invests at least $500 million in the project’s primary development tract, the state can’t exercise its repurchase option for that portion of the site based on the 2026 job-creation shortfall.
VinFast, in an emailed statement, declined to comment on possible ramifications of the altered factory plans.
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“At this stage, we are not in a position to comment on figures referenced in this article,” the company said. “We remain focused on executing the project responsibly and in alignment with our agreements, and will provide updates as appropriate.”
VinFast “has recently resumed development activities,” the company said. “As with any large-scale, multiphase industrial development, we are continuously reviewing the project’s scope and implementation timeline to align with current market conditions and our global manufacturing strategy.”
The company reported a fourth-quarter net loss of 35.2 trillion dong ($1.3 billion), a 15% year-on-year increase. Fourth-quarter cost of sales soared 87% versus the same period a year ago, VinFast said in a U.S. filing. Revenue came in at 39.4 trillion dong.
The company delivered 86,557 cars in the fourth quarter, according to its statement. Last year, VinFast sold 196,919 vehicles, more than double the amount in 2024.
VinFast is expected to reach the break-even point on earnings before interest, taxes, depreciation and amortization, or Ebitda, “in the medium term,” VinFast Chairwoman Le Thi Thu Thuy said in an interview. VinFast founder Pham Nhat Vuong had previouslysaidhe expected the company to break even at the end of this year.
VinFast reported a full-year 2025 net loss of 97.25 trillion dong, an increase of 25.7% from a year ago. Total revenue last year was 90.4 trillion dong, more than double the previous year.
VinFast is now focusing on its home market of Vietnam, Indonesia, India and the Philippines. It has opened EV plants in India and Indonesia.
