Vinfast considering delay to Chatham County factory, according to Reuters

MONCURE, N.C. (WTVD) -- A new report from Reuters states VinFast is considering a delay to its planned factory in Chatham County.

In July, company leadership was joined by state and local officials for an official groundbreaking event in Moncure, though there's been little progress on the site since.

"We have been surprised that they haven't been as aggressive," said Eric Andrews, who sits on Chatham County's Planning Board.

In April 2023, the company asserted it remained "fully committed" despite announcing it was pushing back its target opening date from 2024 to 2025.

"We knew there were some delays. I know a lot of people that are in the grading business or the construction business, and they said, 'we're not doing anything. We're not moving any dirt. We're not busy over there.' So we knew there were delays before the delays were officially announced," said Andrews, who owns Realty World Carolina Properties in Pittsboro.

According to a Chatham County spokesperson, Chatham County Central Permitting and Inspections Department issued a Foundation Permit for the General Assembly building listed at 995,500 square feet in July 2023.

In December, VinFast submitted revised foundation plans for the building that changed the footprint and square footage to 782,255, more than 20% smaller.

Last month, VinFast submitted additional revisions to the building, for a size of 810,000 square feet. The spokesperson added that the county's Permitting and Inspections Department is completing its reviews and coordinating with the architect on revisions to be made for approval. There's also been an application submitted for the Body Shop Building, and trade permit applications for onsite water and sewer, all of which remains under review.

Further, the county has issued several permits for retaining walls, which are under construction, as well as permits for generations and a Sanford Pump Station that will serve VinFast.

VinFast pledged $4 billion toward building out the state's first auto assembly plant, while bringing 7,500 jobs to the area. The company's much-celebrated arrival, which saw Moncure beat out 29 other locations across 12 states, was hailed as a major victory for one of the state's fastest-growing regions.

"We knew the Moncure area was ripe for something. I mean, that was a mega-site that was designated to capture something. But when they first made the announcement, we're very proud," said Andrews.

The apparent slow pace at VinFast has played a role in a lack of buildout surrounding the site location.

"It's having some impact in the Moncure area, maybe a little bit of a cooling, maybe the development isn't as aggressive or the housing situation as aggressive. But a lot of that development Is depending on some of the infrastructure getting there. Until VinFast gets there and there's sewer capacity, we're not going to see the rapid growth," said Andrews.

Despite that, he pointed to jobs announcements from other companies and continued strong interest in the area.

"We feel very confident there. We're not seeing any slowdown. We're still getting sticker shock as far as land appreciation as far as housing. I mean one of the biggest topics right now is affordability. We're having a struggle with affordability right now as far as our average home price or the average lot price. So we're not seeing any slowdown in an appreciation or people wanting to come here," said Andrews.

In a statement to ABC11, a VinFast representative wrote: "VinFast is conducting a thorough review and evaluation of all aspects of the construction process for our North Carolina factory."

VinFast has faced lagging North American sales and a low stock price as it attempts to establish a stronger foothold in the US. At close of market Wednesday, the stock traded at $4.81, down nearly 32% year-to-date, though it has enjoyed a mini rally over the past month.

In a statement, the Chatham Economic Development Corporation tells ABC11 that work at the site has not stopped, adding, "The company has made additional investments in the site this spring."

Regarding the revised plans in December, they wrote, "The change in the scope of the building is a result of VinFast right-sizing the facility to meet more precise design requirements provided by contracted OEMs and line builders."

Further, it asserted that "jobs and investment numbers have not changed."

ABC11 reached out the North Carolina Department of Commerce for comment. As of publication, they have not responded.