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HANOI, Vietnam (AP) — Indonesian President Joko Widodo visited the factory of Vietnamese automaker VinFast on Saturday and said he would create the necessary conditions for multinationals to be able to build plants and invest quickly in Indonesia.
On a visit to the giant factory in northern Vietnam’s port city of Haiphong, Widodo also sat behind the wheel of a VinFast electric car before finishing his work. three day trip to vietnam,
The Vietnamese EV maker has said it will invest $1.2 billion in Indonesia and build a factory with the capacity to produce 50,000 vehicles a year. Green SM, an EV taxi operator majority-owned by VinFast’s founder, also announced a $900 million investment plan in Indonesia. It had previously signed an agreement with Indonesian technology company PT Goto Gojek Tokopedia Tbk, the owner of Gojek Transportation Services, to help their taxi service switch to electric vehicles.
VinFast’s plan to expand into Indonesia is part of their global goal to sell EVs in 50 markets around the world. It is exporting EVs to the US and also manufacturing $4 billion EV factory in North CarolinaWhere production is expected to start this year.
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Vinfast is part of Vingroup, a giant conglomerate that started as an instant noodle company in Ukraine in the 1990s. It was founded and run by Pham Nhat Vuong, Vietnam’s richest man.
Vietnam and Indonesia have both been promised billions of dollars by the Group of Seven advanced economies to help them move away from dirty fossil fuels. Just Energy Transition Partnership.
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