Chatham County ends $400 million VinFast EV plant deal

The Chatham County Board of Commissioners voted to terminate its $400 million economic‑development agreement with Vietnamese electric‑vehicle maker VinFast. County officials said VinFast failed to meet performance obligations and project deadlines for the planned factory at the Triangle Innovation Point site in Moncure, which was slated to produce 150,000 EVs per year in Phase 1.

State Attorney General Jeff Jackson has filed a lawsuit on behalf of the North Carolina Department of Commerce to acquire the property, citing the need to protect taxpayer investments and preserve the site for future development. County Manager Bryan Thompson and C. Michael Smith of the Chatham Economic Development Corporation emphasized the county’s focus on safeguarding residents’ interests and seeking new industrial opportunities for the 1,800‑acre location.