VinFast is a globally emerging electric vehicle company hailing from Vietnam and have officially announced to setup their US Headquarters in Los Angeles, California. This is a part of their global expansion initiative and company will introduce its vehicles in US, Canada and Europe.
US Headquarters in Los Angeles
VinFast’s decision to place its US Headquarters in California was due in part to a $20.5 million tax credit awarded by the California Governor’s Office. It is one of the very few foreign companies which received Calilifornia Competes (CalCompetes) Tax Credit given by the California Governor’s Office of Business and Economic Development (GO-Biz). VinFast’s award is the largest CalCompetes tax credit for an automotive company.
This move will build on the company’s initial investment of $200 million in California and this investment is expected to create around 1,000 new jobs over the next five years. They have a 15,000 square feet headquarters located in Playa Vista also known as “Silicon Beach”. The management team plans to hire more than 400 workers for its headquarters. In addition to its corporate headquarters, VinFast is also investing in regional offices, call centers and network of storefronts. This will help introduce the brand and products to American customers which will expand investment plans in the future.
California Decarbonization Ambitions
California is making bold commitments to accelerate the decarbonization of transportation system and use environment friendly vehicles. This factor is providing a conducive environment for VinFast to realize its vision of becoming a global smart EV brand. “Los Angeles is the transportation innovation capital of the world. A place where companies come to test, prove, and launch new technologies”, said mayor Eric Garcetti. California’s mayor also plans to launch the Global LA program which will attract foreign direct investment to Los Angeles region.
Part of Vingroup, VinFast has become a global EV vehicle brand and was founded in 2017 and they announced three electric car models.
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