JAKARTA, Dec 15 — Vietnamese electric vehicle maker VinFast will increase its investment in Indonesia to up to US$1 billion (RM4.09 billion).
The decision came after VinFast Indonesia inaugurated its first manufacturing plant in Indonesia on Monday with a production capacity of 50,000 cars per year.
"VinFast will continue to increase its investment to US$1 billion, with an increase in production capacity to 350,000 per year," VinFast Indonesia chief executive officer Kariyanto Hardjosoemarto said.
The carmaker has invested US$300 million (RM1.22 billion) so far in Indonesia. The plant in Subang, West Java, recently started trial production and is expected to run at full capacity in the first quarter of next year, he added.
He added that, depending on future demand, VinFast's investment in Southeast Asia's largest economy could eventually exceed US$1 billion.
