VinFast will increase investment in Indonesia to up to $1 billion, executive says

Vietnamese electric vehicle maker VinFast will increase its investment in Indonesia to up to $1 billion, its local unit chief executive told Reuters on Monday.

The statement came after VinFast Indonesia inaugurated its first manufacturing plant in Indonesia on Monday with production capacity of 50,000 cars per year.

"VinFast will continue to increase its investment to $1 billion, with an increase in production capacity to 350,000 per year," VinFast Indonesia CEO Kariyanto Hardjosoemarto said.

The carmaker has invested $300 million so far in Indonesia, he said. The plant in Subang, West Java, recently started trial production and expected to run at full capacity in the first quarter of next year, he added.

Kariyanto said that depending on future demand, VinFast's investment in Southeast Asia's largest economy could eventually exceed $1 billion.