VinFast secured a $1.2 billion incentive from North Carolina

Vietnamese car manufacturer VinFast continues to grow fast and announces two major developments in the US. First, the company has secured a $1.2 billion incentive package from the State of North Carolina for its EV production project. Secondly, VinFast has announced the simultaneous launch of its first six stores in California.

The 1.2-billion-dollar package for its EV plant is the largest economic incentive package in the history of North Carolina. The package is signed by Governor Roy Cooper this week. Thus, VinFast has become the first passenger car producer in North Carolina.

The EV plant of the Vietnamese company will be founded at the Triangle Innovation Point in Chatham County in an around 2,000-acre area, and the total investment for this facility will be around $2 billion in the first place. In this facility, the VinFast will build its VF 8 and VF 9 electric crossovers as well as batteries, reaching a maximum of 150,000 cars per year.

The largest incentive package by North Carolina State in history

The historic incentive package consists of a $316 million job development investment grant over 32 years, $450 million in state appropriation to cover site preparations, road improvements, and additional water and sewer infrastructure, $400 million in incentives from Chatham County, $50 million Golden Leaf Foundation grant and $38 million in community college training.

During the signing of the incentives for VinFast, Governor Roy Cooper made a statement:

“North Carolina’s partnership with VinFast to bring good, clean energy jobs to North Carolina took an important step forward today with the signing of the budget. Electric vehicles, like the ones which VinFast will produce in Chatham County, are a critical component of our strategy to reduce greenhouse gas emissions and build North Carolina into a hub for the clean energy economy.”

The whole project of VinFast will be the largest economic development project in the history of the state. The construction will begin in the second half of this year and the production in the plant is expected to start in July 2024.

VinFast to open its first stores in the US

Along with the announcement of the incentive package, a second major announcement by VinFast is that the company will launch its first six stores in California, in Santa Monica, San Mateo, San Diego, Commerce, Berkeley, and Corte Madera.

The Vingroup Vice Chairwoman and VinFast Global CEO, Le Thi Thu Thuy declared that:

“The opening of the first six VinFast Stores in the US marks an important milestone in the company’s global journey, as we move toward bringing premium products and services to American consumers. I believe introducing VinFast and interacting with customers one-on-one in our corporate-owned and operated stores is the best way to build relationships with customers and ensure quality service.”