VinFast Announces Plans To Enter Southeast Asia Electric Mobility Market

According to Chief Executive Officer Le Thi Thu Thuy, Vietnamese electric vehicle (EV) maker VinFast Auto Ltd plans to aggressively enter Southeast Asian markets, beginning with Indonesia, and expects to eventually raise a lot of capital to fuel its global expansion plans.

She told Bloomberg TV's Rishaad Salamat and Yvonne Man that the company expects to meet its target of selling 45,000 to 50,000 vehicles this year. Southeast Asia has a lot of potential, she says, with governments setting aggressive targets to increase EV adoption.

“We intend to move into Asean aggressively, starting with Indonesia,” Thuy was quoted as saying.
VinFast announced plans to expand into seven more Asian markets, including Indonesia, last month. 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 tycoon 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.

Meanwhile, according to an earlier exchange filing, VinFast delivered 10,027 cars and 28,220 electric scooters in the third quarter.

The company has reported a total of 28,727 vehicles delivered. VinFast announced the sale of 7,100 vehicles to GSM Green and Smart Mobility Joint Stock Co, a Vietnamese taxi company in which Pham owns 95%.

Thuy stated that VinFast will seek to raise "a lot of capital" in the future for development and expansion plans. However, she stated that the company will rely on parent company Vingroup JSC and Vuong for support over the next 18 months.