(Photo: europe.autonews.com)

VinFast, part of Vingroup the largest conglomerate in Vietnam, became the country's first full-fledged domestic car maker when gasoline-powered models built under its own badge hit the streets in 2019.

The company, which began selling electric vehicles (EVs) in Vietnam at the end of 2021, said in a statement on Thursday it planned to become what it said would be the first car company to cease making gasoline-powered cars and transition to all-electric vehicle production from late this year.

VinFast is betting big on the US market, where it hopes its electric SUVs and a battery leasing model will be enough to tempt consumers away from the likes of Tesla and General Motors.

Le Thi Thu Thuy, Vingroup vice chair and VinFast Global CEO said the company will build its gigafactory in the US, referring to the new battery facility in an interview during her US visit to attend the Consumer Electronics Show in Las Vegas.