VinFast gets permit to start construction on U.S. factory

VinFast, a Vietnamese automaker, has received a permit to begin construction on a U.S. factory in San Francisco, California. The facility will be used to produce electric vehicles (EVs), and will serve as VinFast's North American headquarters.

The San Francisco factory will be the first facility that VinFast has built outside of Vietnam. It will be used to manufacture both electric cars and electric scooters. VinFast is currently working on developing new EV models for global markets, including the United States.

VinFast is known for producing affordable vehicles, with an emphasis on electric and hybrid powertrains. The company was founded in 2017 and has already made a name for itself in the Vietnamese auto market. VinFast aims to be one of the leading EV manufacturers in the world, and has set a target of selling one million EVs by 2025.

VinFast plans to invest up to $2 billion in the U.S. factory, and has already secured a 50-acre plot of land for the facility. The automaker plans to create more than 3,000 jobs at the new factory.

The company has not yet announced a timeline for the construction of the new factory, but it is expected to begin soon. VinFast's expansion into the United States is part of the company's larger strategy to become a global leader in EVs. With the construction of the new factory in San Francisco, VinFast will be well positioned to take advantage of the growing demand for electric vehicles in the United States.