Jokowi Welcomes Vietnam’s Vinfast Investment

One of the fastest growing electric vehicle players in Southeast Asia, VinFast, will join in the electric car ecosystem in Indonesia. The first inflow of capital reached $200 million or IDR 3.11 trillion.

Nuhansa Mikrefin Yoedo Putra

15 Jan 2024 - 19.00
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Jokowi Welcomes Vietnam’s Vinfast Investment

A worker assembles a car at the Vinfast factory in Hai Phong, Vietnam, Friday (14/6/2019)./Reuters-Kham

Bisnis, JAKARTA - VinFast, one of the rapidly expanding electric vehicle companies in Southeast Asia, is set to contribute to the electric car ecosystem in Indonesia. The initial capital injection amounts to $200 million or IDR 3.11 trillion (exchange rate of IDR 15,559).

This Vietnamese electric car manufacturer is poised to establish a factory in Indonesia later this year. The symbolic agreement for this initiative was signed during President Joko “Jokowi” Widodo's visit to Hanoi, where he met with Vietnamese President Vo Van Thuong on Friday (12/1/2024).

“I am sure that VinFast will receive convenience and good protection. I encouraged Vietnamese companies to enhance their investments Indonesia,” said Jokowi, quoted from Sekretariat Kabinet official website.

This move is seen as a gateway to expanding the development of the electric vehicle ecosystem, aligning with the commitments made by several Chinese and South Korean battery players in Indonesia. Other electric vehicle manufacturers, including BYD from China and Renault from France, are also exploring similar plans.

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Jokowi Welcomes Vietnam’s Vinfast Investment

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