(Image source: Vinfast)

Asian Tech Press (Jan 6) -- Vietnamese automaker VinFast plans to build a plant in the United States to produce battery cells and packs for electric vehicles, the company's global chief executive officer said Wednesday.

Reuters reported that VinFast, owned by Vietnam's largest conglomerate Vingroup, is betting big on the U.S. market, where the company hopes its electric SUV and a battery leasing model can compete with firms such as Tesla and General Motors.

"We will build our gigafactory in the U.S. as well," Le Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO said in an interview during her U.S. visit to attend the Consumer Electronics Show in Las Vegas.

The company has narrowed down from 50 options to three for the new plant site, and its first phase is expected to be completed by the end of 2024.

In addition, the company announced that it would stop producing gas-powered vehicles by the end of 2020.