MONCURE – The planned September inauguration of VinFast’s manufacturing plant in Moncure appears to be on track after Vietnam’s new electric vehicle producer finalized the land acquisition for its new production plant on Tuesday.
According to the deed, VinFast purchased 1,765 acres at the Triangle Innovation Point site, located on Moncure Flatwood Road. VinFast Manufacturing LLC purchased the land for just under $44 million from the seller, Triangle Innovation Point (TIP) East Development Partners.
The purchase of the land also included the transaction included an excise tax payment of $87,955. Excise taxes are paid on all real estate transactions at a rate of $1 for every $500 sold, according to North Carolina law. This means that the total purchase price for the TIP East site was $43,977,500.
Kirk Bradley, President of Lee Moore Capital Company and one of TIP East’s partners, told News+Record that the manufacturer is now moving forward with its site development and working on permits to begin construction.
Bradley is also a partner of Chatham Media Group LLC, the owners of News + Record.
Triangular Innovation Point was formerly known as Moncure Megasite. It’s a total of 2,158.5 acres with a prime location: just off US 1 north of Sanford, six minutes from Sanford’s Raleigh Executive Jetport, 30 minutes from Sanford International Airport from Raleigh-Durham and minutes from the I-540 loop in Wake County and two rail lines and access to utilities, News + Record previously reported.
It is also possible that VinFast will seek additional land outside the TIP site for its project.
The deed shows that VinFast will occupy TIP East; the TIP site also includes an additional 420 acres that make up TIP West, which are being developed separately. Bradley said FedEx and other users are expected to occupy the site, although it has not yet been sold.
VinFast contacted Barnhill Contracting Company, a Rocky Mount-based contractor, to begin work on the site, Bradley said. Barnhill is the largest entrepreneur in the Research Triangle region.
The purchase of the land is a step in the right direction towards VinFast’s ambitious construction schedule. Company officials previously told the News+Record that the company was looking to innovate in Chatham County by mid-September and have the cars to consumers from the facility by July 2024, in less than two years.
The $44 million is just part of the $4 billion in economic development the electric vehicle company has promised North Carolina. The largest economic development project in state history is also expected to create 7,500 jobs at the site.
If executed, the large number of jobs would make VinFast the largest employer in Chatham County by far — larger than the county’s current top 10 employers combined, according to Access North Carolina.
The company is expected to produce two electric vehicles, the five-seat VF-8 and seven-seat VF-9, as well as electric buses at facilities in Chatham County. VinFast said the plant will manufacture and deliver 150,000 vehicles per year with the capacity to expand to more than 200,000 vehicles.
VinFast has announced it is hiring executive positions for its North Carolina offices, and Chatham County Economic Development Director Michael Smith told News+Record that several VinFast executives are looking for homes in North Carolina. this month.