Vietnam EV maker VinFast begins building $200 mln plant in Indonesia
VinFast, under Vietnam’s leading private conglomerate Vingroup, kicked off the construction of a $200-million factory in Subang, West Java, Indonesia, on Monday.
This strategic move into one of Southeast Asia's most promising EV markets underscores VinFast’s commitment to expanding its presence in the region and supporting Indonesia’s burgeoning electric vehicle industry, the firm said.
VinFast’s new EV assembly plant features several key production areas such as body shop, general assembly shop, paint shop, and testing area. It has an annual capacity of 50,000 units.
VinFast conducts a groundbreaking ceremony for its factory in Subang, Indonesia, July 15, 2024. Photo courtesy of VinFast.
The factory is set to begin operations in Q4/2025, providing right-hand drive versions of VinFasts e-SUV models, including VF 3, VF 5, VF 6 and VF 7 for the Indonesian market.
The Indonesian government encourages foreign investment entering the automotive industry sector, said H.Moeldoko, chief of presidential staff of Indonesia. “We believe that VinFast presence will bring technological innovation and knowledge transfer that is much needed to increase the competitiveness of the national automotive industry,” he added.
VinFast started operating its current manufacturing complex in Vietnam's northern coastal city of Hai Phong. In July 2023, the company conducted a groundbreaking ceremony for its EV and battery production complex in North Carolina, the United States, with around $4 billion in total investment, and half for the first stage.
In February 2024, VinFast officially broke ground on its first integrated EV manufacturing facility in the state of Tamil Nadu, India. The EV facility boasts a total initial investment of $500 million over five years, out of the total investment of $2 billion, with a projected capacity of 150,000 vehicles annually, VinFast said.
VinFast delivered 21,747 EVs in the first half of 2024, up 92% year-on-year, the EV maker said last week. While the delivery results in Q2 were encouraging, ongoing economic headwinds and uncertainties in different macro-economies and the global EV landscape necessitate a more prudent outlook for the rest of the year, the company said.
- Related News
- Read More
Largest ever made-in-Vietnam bulk carrier ready to sail
A bulk carrier with the capacity of 65,000 deadweight tonnage (DWT), the largest ever built by a Vietnamese company, has completed sea trials and is ready to start operations from Hai Phong city, northern Vietnam.
Southeast Asia - Fri, December 27, 2024 | 10:39 pm GMT+7
Vietnam's agri trade surplus hits $18 bln in 2024
Exports of agro-forestry-aquatic products have created a breakthrough for Vietnam this year, generating $62.5 billion, up 18.7% year on year, with a record trade surplus of $17.9 billion.
Southeast Asia - Fri, December 27, 2024 | 10:39 pm GMT+7
Third Vietnamese gasoline company to install VinFast EV charging stations
Saigon Fuel JSC, which trades in fuels including gasoline, oil, lubricants, and LPG, plans to collaborate with electrical vehicle manufacturer VinFast to survey its gasoline stations for potential installation of charging stations.
Companies - Fri, December 27, 2024 | 6:31 pm GMT+7
Land will be reclaimed if not used, Hanoi issues ultimatum to FLC Group
Four land plots in Hanoi’s Nam Tu Liem district owned by scandal-hit developer FLC Group will be revoked if they remain unused, said the municipal People’s Committee in its ultimatum to the group.
Real Estate - Fri, December 27, 2024 | 4:54 pm GMT+7
Dak Nong receives UNESCO global geopark title for second time
The Central Highlands province of Dak Nong celebrated the second conferment of the UNESCO global geopark title for its geopark at a ceremony organized by the provincial People’s Committee on Thursday evening.
Travel - Fri, December 27, 2024 | 4:43 pm GMT+7
Danang among best places to visit in Asia in 2025: Time Out
The coastal city of Danang in central Vietnam has been recognized as the only representative from the country included in the UK-based Time Out’s prestigious list of top 8 travel destinations in Asia for 2025.
Travel - Fri, December 27, 2024 | 4:39 pm GMT+7
ThaiBev-run Sabeco becomes parent firm of Vietnamese brewer Sabibeco
Ho Chi Minh City-based Sabeco, controlled by Thai Beverage, has completed the acquisition of 37.8 million shares, or a 43.2% stake, in local brewer Sabibeco Group (SBB), officially making it a subsidiary.
Companies - Fri, December 27, 2024 | 4:24 pm GMT+7
Renting homes a 'hot trend' in Vietnam: experts
The demand for rental housing in Vietnam has grown significantly, driven by four primary groups of customers, including foreigners and Vietnamese residents seeking homes that suit their living, working and studying needs, says Vo Tri Thanh, director of the Institute for Brand Strategy and Competition Research.
Real Estate - Fri, December 27, 2024 | 4:03 pm GMT+7
Malaysian national becomes Novaland’s audit board member amid leadership reshuffle
Dennis Ng Teck Yow, a non-executive board member of major Vietnamese developer Novaland, was appointed member of the firm’s audit board on Wednesday, replacing Nguyen My Hanh.
Companies - Fri, December 27, 2024 | 3:36 pm GMT+7
Vietnam renewable energy projects to pay back for improper FIT rates
Renewable energy projects found to have enjoyed the feed-in-tariff (FIT) rates improperly in Vietnam will have their gain reclaimed by the government.
Energy - Fri, December 27, 2024 | 2:49 pm GMT+7
Vietnam's highest deposit interest rate hits 7.2% per year in Nov
The average deposit interest rates in VND at Vietnamese commercial banks in November ranged from 5.1% to 6% per year for term deposits of over 12 months to 24 months, and from 6.8% to 7.2% for those with terms longer than 24 months.
Banking - Fri, December 27, 2024 | 2:19 pm GMT+7
Vietnam PM requests responsibility for Power Development Plan VIII implementation delays to be pinpointed
Prime Minister Pham Minh Chinh has requested finding out which entities and individuals are accountable for the delay in completing the implemenation scheme for the National Power Development Plan VIII (PDP VIII).
Energy - Fri, December 27, 2024 | 10:59 am GMT+7
S Korea’s Star Group to operate $80 mln magnet factory in Vietnam from Feb
SGI Vina Co., Ltd, under South Korea-headquartered magnet manufacturer Star Group Ind. (SGI), plans to put its $80 million factory in Vietnam’s central province of Quang Nam into operation from February 2025.
Industries - Fri, December 27, 2024 | 10:19 am GMT+7
Vietnam air logistics faces numerous challenges for sustainable development: insider
The air transport market in Vietnam has recovered to pre-Covid levels, matching the performance of 2019, but it still faces numerous challenges to achieve sustainable development, says Vo Huy Cuong, an expert in this field.
Economy - Fri, December 27, 2024 | 8:15 am GMT+7
Exit ban proposed for legal reps of companies in Vietnam with $20,000 tax debts
Vietnam’s Ministry of Finance (MoF) has proposed an exit ban on legal representatives of businesses with tax debts exceeding VND500 million ($19,660) for more than 120 days, starting from 2025.
Finance - Thu, December 26, 2024 | 9:39 pm GMT+7
Carbon market: An opportunity for Vietnam businesses to engage in green economy
Carbon is an intangible commodity, but it is a product with significant value and potential for investment and business opportunities. However, it also presents many challenges for Vietnamese businesses that are not yet fully prepared, said experts at a seminar in Hanoi on December 25.
Southeast Asia - Thu, December 26, 2024 | 9:26 pm GMT+7
