“It builds on recent announcements from companies like GM, Ford, and Siemens to invest in America again and create jobs. Our efforts to build a clean energy economy are driving companies to make more in America, rebuild our supply chains here at home, and ultimately bring down costs for the American people,” noted US President Biden.

“Since taking office, we have implemented an industrial strategy to revitalise domestic manufacturing with good-paying American jobs, strengthen American supply chains, and supercharge the industries of the future, like electric vehicles – and we see that strategy paying off day after day,” the president wrote. “Last year, I signed the Bipartisan Infrastructure Law to build out EV charging infrastructure and brought together the United Autoworkers and automakers at the White House to sign an executive order to get 50 per cent electric vehicle sales share in 2030.”

Ambassador of Vietnam to the United States Nguyen Quoc Dzung also added, “Hundreds of thousands of VinFast EVs will be produced and create many thousands of jobs and make our planet cleaner.”

The White House’s director of communications Kate Bedingfield said, “We’re building on that momentum with the Bipartisan Infrastructure Law – which is making historic investments in our roads, bridges, airports, and more – along with things like EV charging stations that are critical for America to own emerging industries,” she added.

Earlier this month, VinFast was allegedly considering a financing round aimed at raising up to $1 billion in preparation for a prospective initial public offering (IPO) in the US. The company would file for an IPO in the US in a year or two, with a valuation of around $25-$60 billion.