Under the MOU, VinFast's factory will focus on electric cars and buses production and assembly, electric vehicle batteries production and ancillary industries for suppliers. The project has total investment of 2 billion USD in its first phase and is expected to create thousands of jobs. The factory is expected to become operational from July, 2024. US President Joe Biden has welcomed the construction of the factory, describing it as the latest example for economic strategy and efforts of the US Government in building a green energy-based economy. VinFast was founded in 2017 and headquartered in Hanoi. The carmaker boasts a state-of-the-art vehicle production facility in Haiphong, Vietnam, that will have the capacity to produce 950,000 vehicles per year by 2026./.