Joining the US ‘playground’, billionaire Pham Nhat Vuong’s VinFast receives a historic incentive of VND28 trillion

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2022-07-19 00:49:50

The VinFast factory will be built at Triangle Innovation Point industrial park in Chatham County, North Carolina with a total investment of about 2 billion USD in phase 1.

The project has an area of ​​​​about 800 hectares, including 2 main areas: production and assembly of electric cars and electric buses and an auxiliary industrial park for suppliers. The expected capacity is 150,000 vehicles/year, focusing on producing electric cars, electric buses, and supporting industries. When put into operation, the factory will create an ecosystem of suppliers as well as thousands of local jobs, thereby creating both direct and indirect economic benefits.

Largest economic package in state history

Governor Roy Cooper – North Carolina shared: “The partnership between North Carolina and VinFast in developing clean energy jobs in the state has taken another important step forward today. Electrified vehicles, such as the electric vehicles that VinFast will manufacture in Chatham County, are an important element of its strategy to reduce greenhouse gas emissions and build North Carolina into the heart of the clean energy economy. “.

General Director of VinFast American Manufacturing Company – Nguyen Thi Van Anh said: “VinFast welcomes North Carolina’s efforts and determination in promoting the clean energy economy and greenhouse gas emission reduction targets in the country. local. The state incentive for VinFast will be the starting point for a future of innovation, strong economic growth and jobs. Today’s event shows how governments and businesses can join hands for a better future.”

Joining the US 'playground', billionaire Pham Nhat Vuong's VinFast receives a discount of 28 trillion dong
Phase 1 of the project starts construction in the second half of 2022

According to the plan, phase 1 of the project will start construction in the second half of 2022 and is likely to go into production from July 2024. The factory deployment once again affirms VinFast’s commitment to expand its business and invest in key locations across the US and globally.

In North Carolina, VinFast will be the first car factory and the largest economic development project in the state’s history to date.

Interim Senate President Phil Berger – North Carolina Senate said about the event: “The North Carolina Congress is very pleased that VinFast has chosen the state to expand its production and business activities. Our friendly economic policies over the past decade have played an important role in VinFast’s plan to create thousands of high-paying jobs in North Carolina.”

Joining the US 'playground', billionaire Pham Nhat Vuong's VinFast receives a discount of 28 trillion dong
VinFast also receives important financial support from the city of Sanford

North Carolina House Speaker Tim Moore said: “North Carolina is entering an exciting era of innovation with the arrival of a new corporate citizen – VinFast. In the process of development, with the participation of more and more businesses looking for opportunities to expand their production and business activities here, North Carolina will continue to cooperate with VinFast during the company’s establishment of operations. in the state, bringing more jobs and opportunities to the people here.”

VinFast also received significant financial support from the City of Sanford, Chatham County and the Golden Leaf Foundation. Total benefits include:

$316 million in Employment Development Investment Support over 32 years

$450 million in support from the state budget for site preparation and infrastructure improvement including roads and water supply and drainage systems

$38 million in Vocational Training support

A $50 million grant from the Golden Leaf Foundation

$400 million incentive from Chatham County

In addition, VinFast also receives incentives from commercial organizations in North Carolina, which are not part of the government budget, up to hundreds of millions of dollars.

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