Company: VinFast Parent Company: Vingroup Subsidy Source: multiple Location: North Carolina County: Chatham Project Description: EV manufacturing plant Year: 2022 Major Industry of Parent: conglomerate Specific Industry of Parent: motor vehicles Subsidy Value: $1,254,000,000 Program Name: multiple Awarding Agency: multiple Type of Subsidy:
Number of Jobs or Training Slots: 7,500 Wage Data: $51,096 Wage Data Type: average salary Capital Investment: $2,000,000,000 Source of Data: Subsidy breakdown taken from a VinFast press release "Vinfast Receives $1.2 Billion In Incentives For Us Manufacturing Hub In North Carolina," July 14, 2022: (click here). Other details based on a Gov. Cooper press release: "Governor Cooper Announces VinFast Automotive Selects North Carolina for Electric Vehicle Assembly Plant," Mar 29, 2022: (click here) Notes: VinFast, a start-up subsidiary of VinGroup, a Vietnamese corporation, will open an EV production facility in Triangle Innovation Point. The $2 billion investment is for the first phase of the project. Subsidies include: $316 million through Jobs Development Investment Grant over 32 years; $450 million in upfront money approved by the state legislature that will pay for the site preparations, water and sewer infrastructure build-out, and road updates; $38 million for worker training via the community college systems; a $50 million grant from the Golden Leaf Foundation grant; $400 million in county tax abatements from Chatham County. Overlaps with main data: none. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.