Vietnam's VinFast sets up US manufacturing plant, eyes investment of at least US$2 billion

HANOI: Vietnam's automaker VinFast, a unit of the country's biggest conglomerate Vingroup VIC.HM, said it has set up its first US manufacturing plant with investment of around US$2 billion in the first phase of construction, as it looks to establish itself in the US market.

The complex, VinFast's first factory in the United States, is located in North Carolina, on a 800-hectare plot, with a capacity of 150,000 units per annum initially, the company said in a statement on Tuesday. VinFast is betting big on the US market, where it hopes its electric SUVs and a battery leasing model will be enough to tempt consumers away from the likes of Tesla TSLA.O and General Motors GM.N.

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