President Joe Biden has engaged in a global subsidy arms race, bribing multinational corporations to establish a presence in the United States and reshore their operations in the world’s largest economy. States and cities have also joined the subsidy parade, giving companies like VinFast Auto billions. But while taxpayers are on the hook for the seed money, what happens if these firms bleed red ink or fail and shutter their doors? Since green energy is believed to be a guaranteed moneymaker, nobody has stopped to think about this possibility.
Revving Up VinFast in America
Have you ever heard of VinFast? Outside of Vietnam, not too many consumers are aware of this company. Still, elected officials thought it would be a wise investment to extend more than $1 billion to the organization in exchange for an electric vehicle factory.
In July 2022, VinFast Auto, a Vietnamese automotive firm…
