VinFast and GSM announce $2.1 billion investment for Indonesia

Nguyen Van Thanh, CEO of GSM, announced the move on January 13, as it was unveiled amid discussions featuring Indonesian President Joko Widodo and Vietnamese Prime Minister Pham Minh Chinh.

VinFast is set to invest approximately $1.2 billion, heralding a phased entry into the Indonesian market, while GSM, steered by the Vietnamese billionaire chairman of Vingroup Pham Nhat Vuong, plans an infusion of around $900 million.

This move is solidified by an MoU between VinFast, GSM, and GoTo Gojek Tokopedia for collaboration in the electric vehicle (EV) sector.

A key aspect of this partnership involves facilitating Gojek drivers' transition to EVs and introducing Indonesian consumers to GSM's premium Green SM mobility services through VinFast's eco-friendly vehicles.

"We are not just investing in a market. We are investing in a greener future. This partnership aligns perfectly with Indonesia's goals to reduce transport emissions," Thanh stated.

This collaboration marks a significant leap in VinFast and GSM's international strategy for 2024.

"The Indonesian market represents not just a new geographic location, but a pivotal step in our global journey," Thanh added.

The strategic significance of this partnership was highlighted during President Widodo's visit to VinFast's Haiphong facility, where he expressed his admiration of the brand's capabilities.

Looking beyond Indonesia, GSM's CEO has also announced plans for a Green SM taxi service in Cambodia post-Lunar New Year 2024, underscoring the company's broader Southeast Asian aspirations.

"Our eyes are set on expanding and diversifying our market presence," Thanh noted.

Earlier this month, GSM debuted internationally with its electric taxi service in Laos, planning to deploy 1,000 VinFast VF 5 Plus cars. This move into Laos is seen as a stepping stone in GSM's regional expansion, encompassing major cities and provinces in the next phases.

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