Việt Nam’s EV maker VinFast to invest $1.2 billion in Indonesia

VinFast's investment in Indonesia can help form an EV ecosystem in the country

Posted: 11 Jul 2023

JAKARTA — Việt Nam's first electric vehicle (EV) maker VinFast plans to build a plant with an investment capital of 18.6 trillion Rp (US$1.2 billion) in Indonesia, according to Presidential Chief of Staff of Indonesia Moeldoko.

Moeldoko told a press conference on Monday that the construction will begin as soon as possible. However, he did not reveal further details of the plan.

VinFast was one of the largest EV manufacturers in Southeast Asia, with its cars exported to Europe and America, the official said, adding that its investment in Indonesia could help form an EV ecosystem in the country.

Indonesia’s media reported that in early September, VinFast leaders had a meeting with Indonesian Trade Minister Zulkifli Hasan who pledged to facilitate the automaker’s operation.

Secretary General of the Association of Indonesia Automotive Industry (Gaikindo) Kukuh Kumara told Indonesia’s Antara News Agency in late October that VinFast had discussed and expressed its willingness to join the association.

The manufacturer was completing necessary procedures with the Indonesian government before officially entering the country’s auto market, he said. — VNS

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