The News and Observer is carrying a breakdown of the tax incentives Vietnam’s Vinfast is receiving with regard to the factory it is building in North Carolina. Essentially, there are a combined US$1.25 billion in incentives on offer for Vinfast under the understanding that the firm will create 7,500 jobs and invest US$4 billion in its factory.
Of note, there was about US$325 million in funds provided up front for site preparation and the upgrade of infrastructure to service the plan as well as training programs. The rest is tied to key milestones in construction and hiring.
The tone of this article is somewhat sceptical. It notes Vinfast has had some market entry challenges in the US and considers the question: what happens if Vinfast defaults on its grant?
Overall it provides a solid resource for contextualising Vinfast’s expansion in the US.