VinFast Gets $1.2B In Incentives From North Carolina, Opens First US Stores

Vietnamese automaker VinFast continues to move fast, reporting two new major developments in the United States. The company has secured a $1.2 billion incentive package from the State of North Carolina for its EV manufacturing project and has announced the simultaneous opening of its first six US stores in California.

Starting with the incentives for its new US plant, it’s the largest economic incentive package in the history of North Carolina. The decision was signed this week by Governor Roy Cooper, making VinFast the first passenger car manufacturer to locate in North Carolina.

The company’s manufacturing facility will be built at the Triangle Innovation Point in Chatham County, North Carolina, with a total investment of about $2 billion in the first phase.

The plant will cover an area of 2,000 acres and have two main areas: electric cars and buses production and assembly, and ancillary industries for suppliers. VinFast has designed the factory to reach a maximum capacity of 150,000 vehicles per year.  

The complete incentive package includes 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.

“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 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.”

Roy Cooper, Governor of North Carolina

Phase one of the project, which will be the largest economic development project in the state’s history to date, will start construction in the second half of 2022, with production expected to begin in July 2024. 

VinFast opens its first six stores in the US, all in California

VinFast’s second major announcement is the simultaneous opening of its first six stores in California, in Santa Monica, San Mateo, San Diego, Commerce, Berkeley and Corte Madera.

VinFast stores will showcase and sell the company’s premium EVs and allow customers to directly experience the company’s high-end customer service.

The first six VinFast stores occupy prime locations across California, with VinFast Santa Monica being located at the Santa Monica Place shopping center.

At VinFast stores, customers can explore the interior and exterior details of VinFast’s electric SUVs—the VF8 and VF9—as well as experience the advanced technologies of the VinFast Smart Driving package. 

“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 that 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 to ensure quality service.” 

Le Thi Thu Thuy, Vingroup Vice Chairwoman and VinFast Global CEO

Visitors can also learn more from consultants about VinFast’s products and services, including its flexible sales plans that include a battery subscription model.

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