Connect two monitors using DVI and/or VGA to USB-C

It is possible to connect a VGA and a DVI display to one USB-C port on the MacBook, but you need two USB-C adapters in a daisy-chain fashion and a HDMI-DVI adapter.

First you connect the USB-C Digital AV Multiport Adapter (part number MJ1K2AM) to the MacBook USB-C port, then you connect the USB-C VGA Multiport Adapter (part number MJ1L2AM) to the USB-C port on the Digital AV adapter.

To get the DVI you also need to connect an Apple HDMI to DVI Adapter (part number MJVU2AM) to the HDMI port on the Digital AV adapter which provides you with the DVI port you need.

Now you have a DVI port and a VGA port available and only one USB-C port is used on the MacBook.

The setup (minus the HDMI-DVI adapter which I don't have) would look similar to this:

I highly recommend a thunderbolt dock to do this. In my experience it isn't possible to daisy chain the adapters as described in one of the other answers. In fact, the port they are using to daisy chain is only for power in anyway. Yes the connector fits, but doesn’t function.

USB-C docks that offer multiple monitors usually rely on DisplayPort Multi-Stream Transport, which is not supported by macOS. Because of this, these adapters are usually listed as Windows only.