VinFast, a Vietnamese electric vehicle manufacturer, has announced plans to expand into seven more Asian markets, including Indonesia. The company also plans to begin deliveries next year and to open a plant in Indonesia in 2026.

According to a filing to the US Securities and Exchange Commission dated September 12, VinFast, which was founded and is almost entirely controlled by Vietnam's richest man, Pham Nhat Vuong, plans to invest around $1.2 billion in the Indonesian market in the long term. Pham is also the founder of Vingroup, VinFast's parent company.

“We plan to commence deliveries of our EVs in Indonesia in 2024 with right-hand driving models of the VF e34 and VF 5, with the VF 6 and VF 7 to follow. We have also identified Indonesia from among our seven new market clusters as a key potential market for the potential establishment of manufacturing facilities for our EVs and batteries due to the relatively low cost and availability of domestic raw materials,” VinFast wrote in its filing.

"Based on our assessment of the market opportunity in Indonesia, we have set a preliminary long-term investment target of up to $1.2 billion." The target includes $150 to $200 million in funding for establishing a Completely Knocked Down (CKD) facility with a production capacity of 30,000 to 50,000 cars per year and a production start date of 2026. Additional investments in the country beyond the preliminary investment target would be contingent on market conditions and other factors, according to the company.