Vietnamese automaker VinFast said it would build a US$4bn factory in North Carolina.

The factory is part of the EV start-up’s plan to expand into the US, and compete with Tesla and BYD.

VinFast, the automotive arm of conglomerate Vingroup, started deliveries in California last March.

Plans for the US factory were announced in 2022 and the automaker was awarded a state $1.2bn incentive.

CEO Le Thi Thu Thuy said the factory would be the “primary supplier” of the brands EVs in North America.

“The manufacturing facility in North Carolina is one of VinFast’s key projects,” she added.

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By GlobalData

The plant would have capacity of 150,000 vehicles per year.

Production is expected to begin in 2025.