The Chatham County Board of Commissioners voted on Monday to terminate its $400 million economic development agreement between the county and Vietnamese electric vehicle manufacturer VinFast, dealing another blow to the ill-fated project in Moncure.
In May, state Attorney General Jeff Jackson filed a lawsuit on behalf of the state’s Department of Commerce for a breach of agreements with the company. He said in a press release that through the lawsuit, the state is exercising its contractual right to acquire the property, thereby, protecting taxpayer investments while preserving the site for future economic development opportunities.
In an emailed statement to Carolina Journal, Chatham County Manager Bryan Thompson said that VinFast failed to meet the performance obligations and project deadlines outlined in the county’s economic development agreement, and as a result, determined that termination of the agreement was warranted…