NC: VinFast's Economic Package for $1.2 B Pl

Electreck headline: VinFast receives $1.2B in incentives from North Carolina to build US plant, the largest economic package in state history

Scooter Doll

- Jul. 14th 2022 8:01 pm PT


According to VinFast’s press release, the ink has dried on the incentive package signed by North Carolina’s Governor Roy Cooper this week. In addition to being the largest economic incentive package in state history, Vinfast will officially become the first automaker to build vehicles in North Carolina.

It will be soon joined by Toyota, which announced plans for a $1.3-billion battery plant to support its minimalist approach to BEVs. VinFast, on the other hand, is all in on EVs and its new US facilities will require a total investment of $2 billion just for phase one.

When complete, VinFast’s factory is expected to reach a production capacity of 150,000 vehicles per year. Van Anh Nguyen, CEO of VinFast Manufacturing US, spoke of the incentives:

“VinFast applauds North Carolina for their efforts and determination in advancing the state’s clean energy economy and carbon mitigation goals. This investment by the State of North Carolina is the starting point for a future marked by innovation, job creation, and economic growth. Today exemplifies how government and industry can come together to pursue a brighter future.”

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