Jakarta. Vietnamese electric vehicle (EV) manufacturer VinFast has secured a syndicated loan worth Rp 1.84 trillion ($109 million) to fund the construction of an EV assembly plant in Indonesia.

State-owned Bank Negara Indonesia (BNI) contributed Rp 1.51 trillion to the loan, while the remainder was provided by Bank Maybank Indonesia. The financing was extended to VinFast's local subsidiary, VinFast Automobile Indonesia.

The credit agreement was signed in Jakarta on Thursday, in a ceremony attended by BNI’s Head of International and Financial Institutions Division Rima Cahyani, VinFast Global Deputy CEO Pham Thuy Linhbank, BNI Corporate Banking Director Agung Prabowo, and representatives from Maybank.

“The plant is expected to become VinFast’s production hub for both domestic and export markets, while also strengthening the national automotive supply chain,” Agung said in a statement.

VinFast began construction of its first factory in Indonesia last July. The facility, located in Subang, West Java, underscores the company's long-term commitment to the country.

The Subang plant is scheduled to begin production by late 2025 and will manufacture four electric car models: the VF5, VF6, VF7, and VF3. The project’s initial investment is $200 million (Rp 3.2 trillion), forming part of a broader $1.2 billion commitment to Indonesia. The plant will exclusively produce electric cars, with no plans to manufacture conventional vehicles or motorcycles.

In a separate development last month, VinFast announced plans to build up to 100,000 EV charging stations across Indonesia, with a focus on Java Island.