Vietnamese electric car market, VinFast, has revealed spending on a planned North Carolina factory had reached US$268.6 million by the end of June, according to an information disclosure to the Securities and Exchange Commission. This is notable in that the factory was officially put on hold earlier this year with the nascent car maker dealing with huge losses, legal action, and little interest in its vehicles in the US market. VinFast has said the factory, which was scheduled to start operating next year, will now start operating in 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.
See also: Vietnam’s Automotive Industry