Latest news with #AgungPrabowo
Yahoo
06-05-2025
- Automotive
- Yahoo
VinFast secures local funding for Indonesian BEV plant
Vietnamese automaker VinFast Auto has signed a long-term syndicated loan agreement with Indonesian state-owned Bank Negara Indonesia and Bank Maybank Indonesia to fund the construction of its new battery electric vehicle (BEV) assembly plant in Subang, in Indonesia's West Java province. The agreement follows an earlier Memorandum of Understanding (MOU) between VinFast and BNI on 'collaborative investment, development, and provision of financial solutions to strengthen VinFast's green ecosystem in Indonesia.' VinFast broke ground on the Subang BEV plant in July 2024, which is scheduled to be completed in the second half of 2025 – to supply vehicles for the local market and for export. The automaker has also committed to establishing a local supply chain and developing a local BEV recharging network. The basic loan is valued at IDR 1.85 trillion (US$113 million) and comes with an additional US$80 million 'accordion facility.' The automaker confirmed the loan 'will provide critical long-term funding to support VinFast's global expansion strategy and expand its production capabilities,' adding that it also 'underscores VinFast's strong reputation and growth potential among major partners in Indonesia.' Under the agreement, BNI will handle the underwriting for the syndicated loan of IDR 1.85 trillion. It will directly provide IDR 1.51 trillion (US$92 million) of the funding, with Maybank providing the remainder. The two banks will also provide the additional US$80 million loan extension facility. The agreement stipulates that the loan is intended to finance the construction of PT VinFast Automobile Indonesia's electric vehicle manufacturing plant. BNI's Director of Wholesale and International Banking, Agung Prabowo, said in a statement: "This financing underscores BNI's firm commitment to fostering the green transportation transition in Indonesia. We hold a strong conviction in VinFast's pioneering vision, dedication to innovation, and the significant potential of VinFast and the broader electric vehicle industry. The proactive engagement of financial institutions in channeling investment capital towards the EV sector, particularly through strategic collaborations with promising BEV manufacturers such as VinFast, will be a crucial catalyst in driving Indonesia's progress towards achieving its objectives for a green and sustainable economy." VinFast Asia's CEO, Pham Sanh Chau, commented: "We are honoured to receive the robust support of Indonesia's leading financial institutions, BNI and Maybank. We firmly believe this will be a vital catalyst for VinFast's expansion in Indonesia, continuously enhancing our global production capabilities to meet the ever-increasing demand for the electric vehicle transition. VinFast's manufacturing facility in Indonesia will not only deliver smart, eco-friendly mobility solutions, but also create jobs and support the growth of Indonesia's electric vehicle industry."
Zawya
02-05-2025
- Automotive
- Zawya
VinFast signed US$190 million syndicated loan for its automobile plant in Indonesia
JAKARTA, INDONESIA - Media OutReach Newswire - 2 May 2025 - VinFast, along with the state-owned Bank Negara Indonesia (BNI) and PT Bank Maybank Indonesia Tbk (Maybank), signed a long-term syndicated loan agreement valued at IDR 1.85 trillion (equivalent to approximately US$110 million), along with an additional US$80 million accordion facility, to finance the construction of VinFast's electric vehicle assembly plant in Subang, West Java, Indonesia. This agreement will provide critical long-term funding to support VinFast's global expansion strategy and expand its production capabilities. Furthermore, it underscores VinFast's strong reputation and growth potential to major partners in Indonesia. Under the terms of the agreement, BNI will be the lead arranger of the financing and will handle the underwriting for the syndicated loan of IDR 1.85 trillion. This loan is intended to finance the construction of PT VinFast Automobile Indonesia's electric vehicle manufacturing plant. Of the total syndicated loan facility of IDR 1.85 trillion (equivalent to approximately US$110 million), BNI will finance IDR 1.51 trillion (equivalent to approximately US$90 million), with the remainder to be provided by Maybank. On top of that, the parties will proceed with the additional US$80 million extension facility. Previously, VinFast and BNI executed a Memorandum of Understanding (MOU) for collaborative investment, development, and provision of financial solutions to bolster VinFast's green ecosystem in Indonesia. This initiative aims to facilitate a seamless green transition for Indonesian consumers, enabling easier adoption of electric vehicles. Mr. Agung Prabowo, Director Wholesale and International Banking BNI stated: "This financing underscores BNI's firm commitment to fostering the green transportation transition in Indonesia. We hold a strong conviction in VinFast's pioneering vision, their dedication to innovation, and the significant potential of VinFast and the broader electric vehicle industry. The proactive engagement of financial institutions in channeling investment capital towards the EV sector, particularly through strategic collaborations with promising BEV manufacturers such as VinFast, will be a crucial catalyst, driving Indonesia's progress towards achieving its objectives for a green and sustainable economy." Mr. Pham Sanh Chau, CEO of VinFast Asia, commented: "We are honored to receive the robust support of Indonesia's leading financial institutions, BNI and Maybank. We firmly believe this will be a vital catalyst for VinFast's expansion in Indonesia, continuously enhancing our global production capabilities to meet the ever-increasing demand for the electric vehicle transition. VinFast's manufacturing facility in Indonesia will not only deliver smart, eco-friendly mobility solutions, but also create jobs and support the growth of Indonesia's electric vehicle industry." In July 2024, VinFast broke ground on its electric vehicle assembly plant in Subang, with operations planned to commence in the second half of 2025. This strategically positioned facility is projected to become a pivotal manufacturing hub for VinFast's EVs, serving both Indonesian and export markets, while simultaneously bolstering the local automotive industry's supply chain. Furthermore, VinFast is steadily solidifying its position and expanding its footprint in Indonesia through the launch and delivery of a diverse portfolio of all-electric vehicles, including RHD variant of VF 3, VF 5, and VF e34 models. VinFast is also scaling its dealership and service network across Indonesia, along with providing attractive sales and after-sales policies for early adopters. Collaborating with strategic partners such as the all-electric taxi operator Green SM and global charging infrastructure developer V-GREEN, VinFast is actively cultivating a comprehensive "For a Green Future" ecosystem throughout Indonesia. Hashtag: #VinFast The issuer is solely responsible for the content of this announcement. About VinFast VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, e-bikes, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: About BNI PT Bank Negara Indonesia (Persero) Tbk (BNI), one of Indonesia's leading banks, is committed to providing various financial solutions for individuals and supporting business growth and success domestically and globally. With a dedication to building long-term partnerships, BNI offers a comprehensive suite of financial services, including capital loans, trade finance, cash management, project financing, and treasury. BNI also supports Indonesian companies in expanding their global reach while assisting multinational corporations in entering the Indonesian market. Learn more at: VinFast
Business Times
29-04-2025
- Business
- Business Times
Indonesia's state banks eye bigger share of growing wealth market in Singapore
[JAKARTA] Bank Negara Indonesia (BNI) and Bank Mandiri, Indonesia's state-owned banks, are pulling out all the stops to make their mark in Singapore's competitive wealth management sector. This comes as an increasing number of affluent Indonesian individuals and corporate clients funnel their assets into the city-state, tapping into a market estimated to be worth around 700 trillion rupiah (S$54.7 billion). The move is part of a bigger picture to strengthen the bank's ties with Indonesia's expanding base of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), many of whom are spreading their financial wings and managing significant assets beyond Indonesia. In an interview with The Business Times, Agung Prabowo, BNI's director of corporate banking, explained that the market potential for Indonesian high-income earners in Singapore is substantial, with over 3,000 individuals fitting the profile. Corporate banking forms the backbone of the bank's operations. He highlighted that many of BNI's corporate clients, who also manage substantial personal wealth, are increasingly seeking comprehensive financial solutions that go beyond Indonesia's borders. 'Our international business strategy is straightforward: we follow the flow of Indonesian wealth and aim to support our clients as they expand globally,' he noted. 'So, expanding our services to Singapore is a natural progression in our efforts to better serve our clients.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up In March, BNI launched its first wealth management service in Singapore, targeting HNWI clients, including Indonesians living in the city-state. The bank has formed partnerships with Schroders and Fullerton Asset Management to cater to accredited investors—those with an annual income above S$300,000 or assets exceeding S$2 million in Singapore. The bank plans to expand its partnerships with other major financial institutions in the Republic in the near future, aiming to establish a solid wealth management foundation within five years. Steven Suryana, BNI's senior executive vice-president of wealth management, said as an initial step, BNI will focus on serving Indonesian clients and the Indonesian diaspora, while remaining open to expanding its customer base both regionally and globally. 'We are definitely aiming for significant growth. In Indonesia, it took us around eight years to build our wealth management platform. In Singapore, we expect to achieve this much faster. Our wealth management business in Singapore focuses on HNWIs, not retail customers,' he explained. He noted that there are significant opportunities among Indonesian assets parked in Singapore, referring to data from Indonesia's tax amnesty programme during former president Joko Widodo's administration. According to Finance Ministry data, Indonesians declared around 700 trillion rupiah worth of assets held in Singapore during the tax amnesty, but only about 12 per cent of those assets were eventually repatriated to Indonesia. 'There is still a substantial amount of wealth abroad, and we see a real opportunity to serve these clients through our Singapore office,' pointed out Suryana. BNI currently holds some US$6 billion in overseas assets, with roughly half of that amount based in Singapore. Domestically, the bank manages around 200 trillion rupiah assets under management, encompassing both deposits and investments, and serves over 100,000 affluent clients. Sustained growth Indonesia is swiftly emerging as a powerhouse in wealth creation, with HNWIs and UHNWIs growing at a rate of 4.2 per cent in 2023, placing the country among the top four in the Asia-Pacific region. This surge was fueled by Indonesia's strong economic expansion and growing sectoral diversification, according to a survey by Knight Frank. The number of UHNWIs is projected to continue its sharp rise throughout the decade, solidifying Indonesia's role as a pivotal player in Asia's wealth landscape. Other than BNI, Bank Mandiri, which entered the wealth management sector in Singapore in 2019, has also seen strong growth in this area. Tri Nugroho, general manager and country head of Bank Mandiri Singapore, shared that since its launch, Mandiri Singapore wealth management portfolio has had a compound annual growth rate of 43.55 per cent. 'Looking ahead, we are expanding our reach to regional investors seeking asset diversification alternatives, including non-individual investors such as family offices and variable capital companies,' he told BT. The bank has teamed up with Swiss firm Lombard Odier to develop its private banking division, offering personalised investment solutions and comprehensive family services, he said. Currently, the bank serves around 50 key clients in Singapore, the majority of whom are accredited investors. There are 63 employees working in the Singapore branch. Nugroho added that wholesale banking remains a core pillar for Mandiri's operations in Singapore, contributing significantly to both revenue generation and long-term strategic value. This segment continues to dominate the bank's overseas portfolio. Asset protection The expansion of Indonesian banks into Singapore's wealth management sector comes amid heightened market volatility driven by trade tensions, prompting clients to seek safe-haven investments to protect their assets from instability. This presents a challenge for both banks as they work to guide clients through these turbulent times. BNI's Agung said that fixed-income assets continue to be a popular choice among the bank's clients, alongside commodities, particularly safe-haven assets like gold. Overall, their investment strategies mirror those of HNWIs globally, with a strong focus on stability and wealth preservation in a volatile market, he added. 'In a market like this, most people are looking for more stability.' Nugroho from Bank Mandiri noted the growing interest among HNWIs from Indonesia and across South-east Asia in fixed-income instruments, particularly Indonesian sovereign and corporate bonds. 'Additionally, we are seeing rising demand for structured products and fund-based solutions that offer capital protection and diversification, aligning with our clients' pursuit of both stability and growth amid uncertain times,' he noted.
Zawya
11-03-2025
- Automotive
- Zawya
VinFast and BNI sign comprehensive strategic partnership to accelerate green transition and sustainable growth
JAKARTA, INDONESIA - Media OutReach Newswire - 11 March 2025 - VinFast and PT Bank Negara Indonesia (Persero) Tbk (BNI), signed a Memorandum of Understanding (MOU) during the Vietnam-Indonesia High-Level Business Dialogue, themed "Vietnam-Indonesia: Partnership for Progress and Prosperity." The signing ceremony took place in the presence of To Lam, General Secretary of the Communist Party of Vietnam, along with ministers from both Vietnam and Indonesia. This MOU not only marks both institutions' significant progress in financial solutions and advancing green transportation across Southeast Asia but also strengthens the comprehensive strategic partnership between Vietnam and Indonesia. Under the MOU, VinFast and BNI will actively work together to accelerate Indonesia's green transition and sustainable growth. The partnership will focus on investments into and the development of financial solutions supporting VinFast's "For a Green Future" ecosystem and facilitating Indonesian consumers' shift to electric mobility. As a comprehensive strategic partner, BNI will provide advisory support, local experience and knowledge, and facilitate access to financing products and resources for VinFast and other related companies in the Vingroup ecosystem, as well as their business partners and customers. Meanwhile, VinFast and other companies in the Vingroup ecosystem will offer exclusive privileges and special policies for BNI employees and partners, such as preferential pricing for VinFast EVs and related products/services; flexible financing schemes in collaboration with BNI to facilitate EV adoption and green mobility transition for BNI. Together, VinFast and BNI will collaborate on awareness campaigns, events, and strategic partnerships to encourage EV adoption and enhance EV accessibility in Indonesia. These efforts will contribute strongly to the country's Net Zero goals and long-term prosperity, while reinforcing the "Vietnam-Indonesia: Partnership for Progress and Prosperity". Mr. Agung Prabowo, Director Wholesale and International Banking BNI stated: "BNI is strongly committed to promoting green initiatives, eco-friendly solutions, and social responsibility. We are highly impressed by VinFast's pioneering 'For a Green Future' ecosystem in Indonesia. With our shared goal of driving sustainable development, we believe this collaboration will not only unlock strategic business opportunities but also strengthen the long-term partnership between Indonesia and Vietnam, contributing to economic and social prosperity." Ms. Pham Thuy Linh, Deputy CEO of VinFast Global, commented: "We are honored to partner with BNI, a leading financial institution in Indonesia. VinFast is committed to making the transition to electric vehicles as convenient and worry-free as possible for Indonesian consumers. Through this collaboration, we aim to create meaningful value for society and drive Indonesia's green and sustainable development." Since entering the Indonesian market just over a year ago, VinFast has made remarkable progress, including breaking ground on its assembly plant, introducing a diverse range of products, launching pioneering sales and after-sales policies, and rapidly expanding its dealership and service network across the country. Notably, VinFast has partnered with GSM and V-GREEN to establish a complete and comprehensive "For a Green Future" ecosystem in Indonesia. This initiative is helping to build a cleaner, greener, and more prosperous future for the country while further strengthening the Vietnam-Indonesia partnership in pursuit of progress and shared prosperity. Hashtag: #vinfast The issuer is solely responsible for the content of this announcement. About VinFast VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: About BNI PT Bank Negara Indonesia (Persero) Tbk (BNI), one of Indonesia's leading banks, is committed to providing various financial solutions for individuals and supporting business growth and success domestically and globally. With a dedication to building long-term partnerships, BNI offers a comprehensive suite of financial services, including capital loans, trade finance, cash management, project financing, and treasury. BNI also supports Indonesian companies in expanding their global reach while assisting multinational corporations in entering the Indonesian market. Learn more at: VinFast
Associated Press
11-03-2025
- Automotive
- Associated Press
VinFast and BNI sign comprehensive strategic partnership to accelerate green transition and sustainable growth
JAKARTA, INDONESIA - Media OutReach Newswire - 11 March 2025 - VinFast and PT Bank Negara Indonesia (Persero) Tbk (BNI), signed a Memorandum of Understanding (MOU) during the Vietnam-Indonesia High-Level Business Dialogue, themed 'Vietnam-Indonesia: Partnership for Progress and Prosperity.' The signing ceremony took place in the presence of To Lam, General Secretary of the Communist Party of Vietnam, along with ministers from both Vietnam and Indonesia. This MOU not only marks both institutions' significant progress in financial solutions and advancing green transportation across Southeast Asia but also strengthens the comprehensive strategic partnership between Vietnam and Indonesia. General Secretary of the Communist Party of Vietnam To Lam (second row, fourth from the left) witnessed the signing of the MOU between VinFast and BNI in Indonesia. Under the MOU, VinFast and BNI will actively work together to accelerate Indonesia's green transition and sustainable growth. The partnership will focus on investments into and the development of financial solutions supporting VinFast's 'For a Green Future' ecosystem and facilitating Indonesian consumers' shift to electric mobility. As a comprehensive strategic partner, BNI will provide advisory support, local experience and knowledge, and facilitate access to financing products and resources for VinFast and other related companies in the Vingroup ecosystem, as well as their business partners and customers. Meanwhile, VinFast and other companies in the Vingroup ecosystem will offer exclusive privileges and special policies for BNI employees and partners, such as preferential pricing for VinFast EVs and related products/services; flexible financing schemes in collaboration with BNI to facilitate EV adoption and green mobility transition for BNI. Together, VinFast and BNI will collaborate on awareness campaigns, events, and strategic partnerships to encourage EV adoption and enhance EV accessibility in Indonesia. These efforts will contribute strongly to the country's Net Zero goals and long-term prosperity, while reinforcing the 'Vietnam-Indonesia: Partnership for Progress and Prosperity'. Mr. Agung Prabowo, Director Wholesale and International Banking BNI stated: 'BNI is strongly committed to promoting green initiatives, eco-friendly solutions, and social responsibility. We are highly impressed by VinFast's pioneering 'For a Green Future' ecosystem in Indonesia. With our shared goal of driving sustainable development, we believe this collaboration will not only unlock strategic business opportunities but also strengthen the long-term partnership between Indonesia and Vietnam, contributing to economic and social prosperity.' Ms. Pham Thuy Linh, Deputy CEO of VinFast Global, commented: 'We are honored to partner with BNI, a leading financial institution in Indonesia. VinFast is committed to making the transition to electric vehicles as convenient and worry-free as possible for Indonesian consumers. Through this collaboration, we aim to create meaningful value for society and drive Indonesia's green and sustainable development.' Since entering the Indonesian market just over a year ago, VinFast has made remarkable progress, including breaking ground on its assembly plant, introducing a diverse range of products, launching pioneering sales and after-sales policies, and rapidly expanding its dealership and service network across the country. Notably, VinFast has partnered with GSM and V-GREEN to establish a complete and comprehensive 'For a Green Future' ecosystem in Indonesia. This initiative is helping to build a cleaner, greener, and more prosperous future for the country while further strengthening the Vietnam-Indonesia partnership in pursuit of progress and shared prosperity. Hashtag: #vinfast The issuer is solely responsible for the content of this announcement. About VinFast VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ('EV') manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: About BNI PT Bank Negara Indonesia (Persero) Tbk (BNI), one of Indonesia's leading banks, is committed to providing various financial solutions for individuals and supporting business growth and success domestically and globally. With a dedication to building long-term partnerships, BNI offers a comprehensive suite of financial services, including capital loans, trade finance, cash management, project financing, and treasury. BNI also supports Indonesian companies in expanding their global reach while assisting multinational corporations in entering the Indonesian market.
