North Carolina Sues VinFast Over $316 Million EV Deal, Seeks Chatham Site Back
Updated
Updated · Carolina Journal · May 21
North Carolina Sues VinFast Over $316 Million EV Deal, Seeks Chatham Site Back
17 articles · Updated · Carolina Journal · May 21
North Carolina filed suit to reclaim VinFast’s Chatham County site, saying the company defaulted on agreements tied to an EV factory that was supposed to create 7,500 jobs and billions in investment.
The complaint says VinFast missed a Jan. 1, 2024 deadline to begin vertical construction, stopped site operations in December 2024, and cannot meet a July 1, 2026 deadline for an operational plant.
State officials said VinFast’s own public timeline pushes any opening to 2028, making it impossible to hit even a reduced target of 1,750 jobs by Dec. 31 and triggering North Carolina’s contractual right to buy back the land.
The state says the move protects taxpayer exposure after offering up to $316.1 million in state incentives, alongside a $400 million local package and roughly $450 million in surrounding infrastructure spending.
The lawsuit lands as VinFast faces broader strain, with reports this week that it plans to sell its two main factories and shift $7 billion of debt.
Is VinFast's American failure a sign of company collapse or a calculated pivot to Asia?
After a billion-dollar deal collapsed, how can states protect taxpayers from ambitious corporate promises?