VinFast, along with the state-owned Bank Negara Indonesia (BNI) and PT Bank Maybank Indonesia Tbk (Maybank), signed a long-term syndicated loan agreement valued at IDR 1.85 trillion (equivalent to approximately $110 million), along with an additional $80 million accordion facility, to finance the construction of VinFast’s electric vehicle assembly plant in Subang, West Java, Indonesia. This agreement will provide critical long-term funding to support VinFast's global expansion strategy and expand its production capabilities. Furthermore, it underscores VinFast's strong reputation and growth potential to major partners in Indonesia.
Under the terms of the agreement, BNI will be the lead arranger of the financing and will handle the underwriting for the syndicated loan of IDR 1.85 trillion. This loan is intended to finance the construction of PT VinFast Automobile Indonesia's electric vehicle manufacturing plant.
Of the total syndicated loan facility of IDR 1.85 trillion (equivalent to approximately $110 million), BNI will finance IDR 1.51 trillion (equivalent to approximately $90 million), with the remainder to be provided by Maybank. On top of that, the parties will proceed with the additional $80 million extension facility.
Previously, VinFast and BNI executed a memorandum of understanding for collaborative investment, development, and provision of financial solutions to bolster VinFast's green ecosystem in Indonesia. This initiative aims to facilitate a seamless green transition for Indonesian consumers, enabling easier adoption of electric vehicles.
In July 2024, VinFast broke ground on its electric vehicle assembly plant in Subang, with operations planned to commence in the second half of 2025. This strategically positioned facility is projected to become a pivotal manufacturing hub for VinFast's EVs, serving both Indonesian and export markets, while simultaneously bolstering the local automotive industry's supply chain.
Furthermore, VinFast is steadily solidifying its position and expanding its footprint in Indonesia through the launch and delivery of a diverse portfolio of all-electric vehicles, including RHD variant of VF 3, VF 5, and VF e34 models. VinFast is also scaling its dealership and service network across Indonesia, along with providing attractive sales and after-sales policies for early adopters. Collaborating with strategic partners such as the all-electric taxi operator Green SM and global charging infrastructure developer V-Green, VinFast is actively cultivating a comprehensive "For a Green Future" ecosystem throughout Indonesia.
