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Subsidy Tracker Individual Entry

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
Subsidy Value in 2023 Dollars: $1,305,729,316
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.