Vietnamese electric vehicle (EV) manufacturer VinFast has signed a landmark long-term syndicated loan agreement worth IDR 1.85 trillion (approximately US$110 million), along with an additional US$80 million accordion facility, to fund the construction of its electric vehicle assembly plant in Subang, West Java. The deal was inked in partnership with state-owned Bank Negara Indonesia (BNI) and PT Bank Maybank Indonesia Tbk (Maybank), underscoring growing confidence in VinFast’s expansion strategy and green mobility vision.
Under the agreement, BNI will act as the lead arranger and underwriter, contributing IDR 1.51 trillion (roughly US$90 million), while Maybank will finance the remaining portion. The additional US$80 million facility is expected to provide VinFast with increased financial flexibility as the project progresses.
“This financing underscores BNI’s firm commitment to fostering the green transportation transition in Indonesia,” said Mr. Agung Prabowo, Director of Wholesale and International Banking at BNI. “We believe in VinFast’s pioneering vision and its vital role in catalyzing a sustainable, electric mobility ecosystem in Indonesia.”
VinFast’s CEO for Asia, Mr. Pham Sanh Chau, expressed gratitude for the backing from Indonesia’s top financial institutions. “We are honored to receive the robust support of BNI and Maybank. This financing is a crucial catalyst for our expansion in Indonesia, allowing us to scale operations and meet growing demand for eco-friendly vehicles,” he said.
Construction of VinFast’s Subang EV assembly plant began in July 2024, with production expected to commence in the second half of 2025. Strategically located, the facility aims to serve both the Indonesian and international markets and strengthen local supply chains within the automotive sector.
Beyond manufacturing, VinFast is actively expanding its presence in Indonesia by launching a range of all-electric vehicles, including right-hand drive variants of its VF 3, VF 5, and VF e34 models. The company is also growing its dealership and service networks and partnering with key players like electric taxi operator Green SM and global EV charging developer V-GREEN to build a comprehensive green mobility ecosystem.
This financing agreement follows a previously signed Memorandum of Understanding (MoU) between VinFast and BNI, aimed at advancing green investment and financial solutions in Indonesia.
With this strategic boost, VinFast is set to accelerate its contribution to Indonesia’s sustainable development goals and establish itself as a key player in the nation’s EV revolution.
