“VINFAST IS IN A VERY GOOD POSITION”
The name VinFast is covering Indonesian newspapers and news sites, after the Vietnamese electric car company introduced its lineup of electric vehicles at the 2024 Indonesia International Auto Show.
According to Bisnis Indonesia, the leading business newspaper in Indonesia, after making significant advancements in developed markets such as the US, Canada, and Europe, VinFast continues its global expansion plan by entering younger and promising international markets. This will be a crucial step in VinFast’s global expansion process.
“As the rapid growth of the global electric vehicle industry slows down with high interest rates and uncertain economic prospects, Vietnam’s VinFast electric vehicle company has made the right move by entering Indonesia – a promising electric vehicle market,” Bisnis Indonesia reported on VinFast’s market expansion strategy.
Indonesia’s greatest advantage lies in its vast nickel reserves and abundant natural resources, including copper, cobalt, and bauxite – important ingredients in the electric vehicle industry. However, resources alone are not enough to develop the electric vehicle industry. Other critical factors include technological expertise and capital. Therefore, according to The Jakarta Post, Indonesia seeks to attract companies like VinFast with the hope of transforming its abundant resources into a global electric vehicle supply chain hub.
“Indonesia is ready for the era of electric vehicles, as new electric vehicle companies like VinFast announce that their products will hit the streets of Indonesia,” JawaPos, a newspaper, affirmed.
According to Bisnis Indonesia, Indonesia’s electric vehicle market has strong growth potential as the green living trend is booming. In 2022 alone, electric vehicle sales in the country increased by 700%. “Indonesia’s large population, along with the fast-growing middle class, will provide a significant opportunity for VinFast. The Vietnamese automaker will boost Indonesia’s electric vehicle industry with advanced technology, job opportunities, and significant investment,” commented the leading Indonesian business newspaper.
Furthermore, Indonesian media recognizes that VinFast is in a strong position to enter and promote sustainable transportation. According to Tribunnews, VinFast is already thriving in the US, Europe, and Asia. However, VinFast’s prospects in Indonesia are not only demonstrated through the company’s experience in entering developed electric vehicle markets but also in the increasing production capacity.
SETTING THE LEAD ON THE GREEN JOURNEY
“VinFast’s electrification vision begins with its electric vehicle complex in Hai Phong,” stated journalist Dendi Rustandi on OtomotifNews. With an automation rate of up to 90%, VinFast’s complex is evidence of Vietnam’s manufacturing industry capabilities.
According to the article, VinFast’s green vision is not only about making electric vehicles more accessible but also about creating a sustainable supply chain in every process. At its production complex in Hai Phong, VinFast adheres strictly to global standards to minimize environmental impact.
VinFast’s efforts have been highly regarded by global investors. “VinFast’s story has shattered the misconception that corporate profits cannot go hand in hand with the journey towards sustainability,” cited OtomotifNews.
According to the same news site, VinFast’s production complex in Hai Phong will serve as a model for the company’s supply chain expansion plan. “This complex will be the foundation for VinFast’s expansion journey into the Indonesian electric vehicle market, igniting hope and optimism for a greener future in the automotive industry in the region,” stated Jawa Pos.
According to the announced plan, VinFast is expected to invest a minimum of $1.2 billion in Indonesia in the long term. Alongside distributing imported vehicles from Vietnam in the initial stage, VinFast will invest $200 million in building an electric vehicle manufacturing plant with an expected output of up to 50,000 vehicles per year in Indonesia.
