Vietnamese company also received $1.2 billion in incentives to build a factory in North Carolina.
Vietnamese automaker VinFast continues to move fast, making two big announcements in the United States. The company secured a $1.2 billion incentive package from the State of North Carolina for its electric vehicle plant and announced the simultaneous opening of its first six North American stores in California.
Starting with the incentives for its new US plant, it is the largest economic incentive package in North Carolina’s history. The decision was signed this week by Governor Roy Cooper, making VinFast the first passenger car manufacturer to set up shop in North Carolina.
The company’s factory will be built at Triangle Innovation Point in Chatham County, North Carolina, with a total investment of around $2 billion in the first phase.
This future facility will cover an area of 2,000 hectares and will have two main areas: production and assembly of electric cars and buses, and auxiliary facilities for suppliers. VinFast designed the plant to reach a maximum capacity of 150,000 vehicles per year.
The full incentive package includes a US$316 million job development investment grant over 32 years, US$450 million in state allocation to cover site preparations, road improvements and additional water and sewage infrastructure, $400 million in Chatham County incentives, $50 million in grant from the Golden Leaf Foundation and $38 million in community college training.
The first phase of the project, which will be the largest economic development project in the state’s history to date, will begin construction in the second half of 2022, with production scheduled for 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 California stores in Santa Monica, San Mateo, San Diego, Commerce, Berkeley and Corte Madera.
VinFast stores will showcase and sell the brand’s premium electric vehicles and allow shoppers to directly experience the company’s high standard of customer service.
Here, customers can explore the interior and exterior details of VinFast’s electric SUVs — the VF8 and VF9 models — 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 forward to bring premium products and services to US consumers. our corporate and operated stores is the best way to build customer relationships and ensure quality service,” say Le Thi Thu Thuy, Vice President of Vingroup and Global CEO of VinFast.
Visitors can also learn more from consultants about VinFast’s products and services, including their flexible sales plans that include a battery subscription model.