In March 2022, VinFast, a Vietnamese electric car manufacturer, announced that it would be building its first-ever manufacturing facility in the U.S. at Triangle Innovation Point in Chatham County.
VinFast’s move to Chatham County will bring 7,500 jobs and invest $4 billion into the TIP site over the next four years, according to the Chatham County Economic Development Corporation.
VinFast initially planned to break ground in fall of 2022, but the project is now expected to break ground later this year. The company plans to start manufacturing by 2024.
“The last year has been developing plans, going through alternative scenarios, public comment periods and responding to public comment, interactions with the United States Corps of Engineers, and of course the Department of Environmental Quality,” Patrick Norman, Division Eight engineer for the N.C. Department of Transportation, said.
TIP is an industrial park with over 2,500 acres of land located in southeastern Chatham County within the rural, unincorporated community of Moncure, directly off of U.S. Highway 1.
The site was known as the Moncure Megasite until October 2021, in an effort to bring new businesses in the life sciences sector to the location, according to Michael Smith, president of Chatham County Economic Development Corporation.
The TIP website does not mention the site’s location in Moncure, but rather features the site’s proximity to Raleigh, Durham, Chapel Hill and Raleigh-Durham International Airport.
“It was kind of ironic that we made the marketing decision for the site to go in a different direction and then having the electric vehicle market heat up,” Smith said.
Although VinFast will take up about 2,000 acres of the available TIP land, the remaining land within the site is available for commercial purchase. The TIP website currently advertises the remaining land as a “450+ acre life science and advanced manufacturing park.”