Vietnamese carmaker VinFast to produce electric cars at US factory worth US$2 billion

H.E. Nguyen Quoc Dung, Vietnam Ambassador to the US (left) Gina Raimondo, US Commerce Secretary, Jennifer Granholm, US Energy Secretary, Madam Le Thi Thu Thuy, Vingroup Vice Chair and VinFast Global CEO and David Price, US Rep for North Carolina's 4th District attend VinFast's presentation at the US Department of Energy on Thursday, March 31, 2022 in Washington regarding investment in their North Carolina electric vehicle assembly plant. - AP

Hanoi Apr 2 (dpa): Vietnamese carmaker VinFast plans to produce electric cars at a new US factory with an initial investment of US$2 billion dollars, the company has announced.

VinFast signed a memorandum of understanding with the state of North Carolina. Construction for phase 1 of the factory will start this year, with production expected from July 2024 to make 150,000 vehicles per year and create some 7,000 jobs.