After breaking into the US auto market, VinFast plans to expand its presence in Southeast Asia.
VinFast, which began construction on a facility in North Carolina in July, anticipates sales of 45,000 to 50,000 units this year.
The investment will include US$150 million to US$200 million for an Indonesian production facility to begin operating in 2026 with a manufacturing capacity of 30,000 to 50,000 cars per year, the Vietnamese EV maker said in a F-1 filing with the US Securities and Exchange Commission. The company, which went public in the US via a special-purpose acquisition company merger in August with blank-check company Black Spade Acquisition Co, identifies Indonesia as a “key potential market” for EV and battery manufacturing facilities because of low costs and availability of domestic raw materials, it said in the filing.
VIG held 33.5% of the company and Asian Star Trading & Investment Ltd. had a 15% stake, according to a separate filing in March. Each of these shareholders is majority owned by Vuong.
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