Dear reader,
VinFast is in top gear.
After announcing its expansion into India, the world’s second-largest electric vehicle market, the Vietnamese automotive major is all set to set its foot in Indonesia, another major EV market.
President Joko Widodo has greenlighted VinFast’s expansion into Indonesia, marking another significant milestone for VinFast.
VinFast, backed by Vingroup, plans to invest US$1.2 billion in Indonesia, allocating US$200 million for the EV manufacturing plant by 2026, targeting an annual production capacity of 30,000 to 50,000 units.
Jokowi’s commitment to facilitating investment procedures reflects a positive stance toward the EV industry’s growth in Indonesia. The collaboration between VinFast, Green and Smart Mobility, and Indonesia’s GoTo Group aims to promote four-wheel EV usage among Gojek drivers. This expansion aligns with VinFast’s global presence, including operations in the US, Canada, Germany, France, and the Netherlands, following its Nasdaq debut via a SPAC merger in August last year.
VinFast’s strategic move underscores the increasing importance of Southeast Asia in the electric vehicle market.
Sainul,
Editor.
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