The company, a subsidiary of conglomerate Vingroup, did not provide details about when it will be set up or where.

Bloomberg quoted its CEO Thai Thanh Hai as saying: "VinFast’s vision is to become a global smart electric car company and the U.S. is one of the first international markets that we will focus on.

"We will initially develop high-end models for the U.S."

The company also plans to open 35 showrooms and service centers this year in California state where it has received a license to test autonomous vehicles on public streets.

Malaysian newspaper The Star quoted Hai as saying VinFast believes it can win over American and other overseas customers leery of buying an automobile from a Vietnamese company they know little or nothing about by offering top-quality vehicles with high safety standards and advanced technology.

The company has R&D centers in Australia, Germany and the U.S.

VinFast, founded by Vietnam's first billionaire Pham Nhat Vuong, began selling cars with BMW-licensed engines in 2019.

Last year it sold 31,500 units, all in Vietnam, where 296,634 cars were sold in all.