EV maker VinFast to invest US$1.2 billion in Indonesia

Moeldoko told a press conference on November 6 that the construction will begin as soon as possible.

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

The manufacturer is completing necessary procedures with the Indonesian government before officially entering the country's auto market, he said.

Earlier, VinFast said it will expand in in 50 markets globally by the end of 2024.

It also revealed a plan to set up an assembling plant in India–the third largest automobile market in the world. Some US$150-200 million will be splashed out on the Indian plant, which is designed with the capacity of 50,000 vehicles a year in the first phase.

According to VinFast, plant construction in new markets allows the firm to capitalize on the incentives of the host governments as well as access raw materials with attractive prices.

VinFast handed over 10,027 electric cars in the third quarter of this year, up 5 percent from previous quarter. Robust sales in the period was recorded in the Norther American market, especially Canada.

During January-September, as many 21,342 VinFast vehicles were delivered.

Besides, the firm saw impressive sales of electric motorbikes, with 28,220 vehicles sold in the third quarter, up 177 percent from the second quarter, and 113 percent as compared to the same time last year.

Its revenue rose 4 percent quarter-on-quarter, and 159 percent year-on-year to VND8.254 trillion (US$342.7 million), nearly VND7.7 trillion of which came from electric vehicle sales./.