President Joe Biden tweeted a March 2022 White House statement that said the VinFast plant would create more than 7,000 jobs. The factory will have an initial investment of as much as $2 billion, CEO Le Thi Thu Thuy said last year.

The factory will consist of two main areas, EV production and assembly sites. The complex will also house facilities for suppliers, according to the statement.

“When it begins operations, the factory will be VinFast’s primary supplier of electric vehicles to the North American market,” Thuy said in the statement.

A SPAC merger, if successful, will stamp VinFast’s years-long efforts to become a publicly traded company. Bloomberg News first reported in early 2021 that parent company Vingroup JSC was considering a $2 billion US IPO for the EV unit. The company decided to abandon its IPO plans and agreed to the SPAC deal instead.

The factory is part of an ambitious global expansion goal of company founder Vuong, who had a net worth of $4.1 billion as of July 18, according to the Bloomberg Billionaires Index.