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Why did VinFast choose the US to pour 4 billion USD to open an electric vehicle factory?

Factory of VinFast will be located at Triangle Innovation Point industrial park, Chatham County with an area of ​​approximately 800 hectares. The factory consists of 3 main areas: production and assembly of electric cars and electric buses; battery production area for electric vehicle products and ancillary industry area for suppliers.

Phase 1 of the plant will start construction right in 2022 after receiving the construction permit and is expected to be operational in July 2024. According to VinFast, the capacity of phase 1 is expected to be 150,000 vehicles per year.

Right on the day of announcing the signing of the memorandum of understanding, US President Joe Biden posted on his personal Twitter: “Today, VinFast announced that it will build a $4 billion electric vehicle and battery factory in North Carolina, creating 7,000 jobs. It’s the latest example of my economic growth strategy.”

North Carolina Secretary of Commerce Machelle Baker Sanders said: “Automotive assembly plants are a powerful engine of economic growth because of their positive effects on the region’s economy. I am very excited. glad that VinFast has chosen North Carolina as the launch location for its North American manufacturing operations.North Carolina will actively work together to ensure VinFast can recruit a highly skilled workforce. , to meet the company’s development requirements”.

Not only that, Ms. Le Thi Thu Thuy – Vice President of Vingroup and General Director of VinFast Global shared: “The production facility right in the US will help VinFast to proactively supply, stabilize prices and withdraw money. As a result, VinFast’s electric vehicles become more accessible to customers, contributing to realizing the local environmental improvement goals.”

In fact, electric cars are the trend of the world. Therefore, one of the reasons VinFast chose the US as the place to build the factory is because the US is one of the leading countries in this trend.

According to the International Energy Agency (IEA), the administration of US President Joe Biden is very drastic in reducing emissions from vehicles into the environment. By 2030, Joe Biden wants 50% of cars sold in the US to be zero-emissions. Currently, the US is a country that favors electric vehicles more than many other major countries in the world.

To implement the strategy to reduce emissions, Mr. Joe Biden also issued many tax incentives for companies producing electric vehicles. According to The New York Times, the US presidential administration has launched a $2 trillion infrastructure plan to tackle climate change by encouraging Americans to switch to electric vehicles. In it, part of this huge amount will be used in the construction of electric vehicle charging systems.

According to CNBC, the US government has long subsidized electric vehicle companies through loans and tax breaks to research and develop technologies in the zero-emission vehicle industry. For example, in 2010, Tesla borrowed $ 465 million under the Advanced Technology Vehicle Production program of the Department of Energy (USA). The expansion of such programs will support further growth for companies looking to produce electric vehicles in the future.

Therefore, according to the IEA, VinFast’s decision to build a factory in the US when there are preferential policies for electric vehicles is a right step and is a long-term investment.

The next reason that VinFast chose to build a factory in the US is that the electric vehicle development infrastructure has been completed for a long time and is still being continuously upgraded. According to CNBC, recently, President Biden has promised to invest $ 400 billion in clean energy, including battery technology and electric vehicles. Part of that plan includes setting aside government spending to support electric vehicles, with 500,000 new electric vehicle charging stations by the end of 2030.

Not only that, the US government also announced that it will spend $7.5 billion to build a network of electric vehicle charging stations right in 2022. Thereby, the US is making efforts to implement the strategy of developing electric vehicle lines. to reduce emissions as much as possible.

According to Electrek (USA), VinFast opening an electric vehicle factory will benefit greatly thanks to the existing infrastructure system in the US.

Another advantage when VinFast opens an electric vehicle factory is that the skill level of electric vehicle manufacturing workers in the US is very developed. According to the Center for American Development (CAP), the auto industry is playing an important role in creating many jobs for the US workforce. Therefore, for many years now, the US has been actively improving the skills of workers in the automobile manufacturing industry.

According to CAP, the US has organized human resource training in the field of electric car production, practical training to install both civil and public charging stations, etc. One of the training programs is typical. is an electric vehicle infrastructure training program that employs approximately 3,000 electricians nationwide to install and maintain charging stations.

For this reason, VinFast opening an electric vehicle factory in the US will take advantage of the world’s top quality and abundant human resources. According to Electrek (USA), VinFast opening a factory in the US will save more costs in recruiting and training human resources.

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