VinFast, the Vietnamese carmaker, is aiming to break into the US market with the introduction of two electric SUVs next year — an ambitious move for a fledgling car brand with scant name recognition outside its home country.
The company on Wednesday debuted the vehicles in Los Angeles, where it said it would spend $200m to establish a US headquarters as part of a push into North America and Europe. It also plans to open a factory in the US in the second half of 2024, though it has not named where.
VinFast’s parent Vingroup is Vietnam’s largest private conglomerate and has invested $5bn into establishing a car business. The group is controlled by the country’s richest man, Pham Nhat Vuong, who got his start in business in 1993 with a pot noodle business in Ukraine.