Chatham County ends its share of VinFast EV deal amid missed deadlines
Chatham County commissioners voted to cancel their portion of a $1.2 billion electric-vehicle partnership with Vietnam's VinFast after the company failed to meet agreed milestones.
At a July 27 meeting, Chatham County commissioners voted to withdraw from the VinFast electric-vehicle partnership, ending the county’s share of a $1.2 billion state commitment. The decision was based on the company's failure to meet performance targets and construction deadlines. The agreement, announced in 2022 by then-Governor Roy Cooper, was intended to bring a major manufacturing facility and up to 7,500 full-time jobs to the state.
North Carolina Attorney General Jeff Jackson filed a lawsuit on the state's behalf, asserting that VinFast did not build the factory or create the promised jobs. The automaker’s U.S. vehicle models have received harsh criticism, and the project has been delayed multiple times, including a 2024 pause attributed to a market slowdown. The county’s withdrawal underscores mounting doubts about the project's feasibility and its impact on the state's economic development plans.
Why it matters
The cancellation highlights risks of large public subsidies for unproven companies and potential job losses in the region.
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