Vietnamese electric vehicle maker VinFast is cutting its workforce in the United States, the company said on Monday, amid a restructuring in its major overseas market as the startup grapples with a stalled shipment of its first cars and prepares for a potential stock listing.
The Vietnamese company, a subsidiary of conglomerate Vingroup JSC (VIC.HM), has been moving to expand in the United States, where it hopes to compete with existing automakers.
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VinFast vehicles are not eligible for the $7,500 tax credit in the United States because they are not Vbuilt in North America.