Vietnam’s most well-known electric car maker, VinFast, has delayed a North Carolina factory it had originally planned to open next year until 2028.
Of note, Vinfast was given a number of tax breaks and incentives by the North Carolina government to encourage its investment in the state. These amounted to a combined US$1.25 billion understanding that the firm would create 7,500 jobs and invest US$4 billion in its factory.
This included US$325 million in funds provided up front for site preparation and the upgrade of infrastructure to service the plant, as well as training programs, with the rest tied to key milestones in construction and hiring.
It’s not clear what will happen to these incentives in the context of the three year delay that has just been announced.
See also: Vietnam’s Automotive Industry: Foreign Investor’s Guide 2024
