Why is Vietnam’s VinFast Building an EV Factory in the United States?

URLhttps://thediplomat.com/2022/07/why-is-vietnams-vi
SourceThe Diplomat
Date Published07/26/2022
Author NameJames Guild
Mentions specific company case(s) of reshoring, kept from offshoring, or transplantYes

Additional Reshoring Information:

Company/Division name VinFast
Type of work Manufacturing
Reshoring category:Foreign Direct Investment
Total number of jobs (added or to be added):1000
Year reshoring announced:2022
Year reshoring implemented or to be implemented:2024
Domestically, the work will be done:In-house
Capital investment ($):2000
Country(ies) from which reshored:Viet Nam
State(s) reshored to:NC
If relevant, work nearshored to:-
Industry(ies):Transportation Equipment
Product(s) reshoredEVs
What non-domestic negative factors made offshoring less attractive?Total cost
What domestic positive factors made reshoring more attractive?Eco-system synergies, Government Incentives, Proximity to customers/market, Biden
Government Incentive dollar amount:$1.2 billion
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