Hanoi, May 5 -- Vietnamese electric vehicle (EV) maker VinFast has secured a long-term syndicated loan agreement worth 1.85 trillion IDR (110 million USD) and an 80 million USD accordion facility from two Indonesian banks to finance the construction of its plant in Indonesia.

The two banks are state-owned Bank Negara Indonesia (BNI) and PT Bank Maybank Indonesia Tbk (Maybank).

Under the agreement, BNI will be the lead arranger of the financing and will handle the underwriting for the syndicated loan of 1.85 trillion IDR. This loan is intended to finance the construction of PT VinFast Automobile Indonesia's EV manufacturing plant in Subang, West Java.

Of the sum, BNI will finance 1.51 trillion IDR, while the remainder be provided by May...