GoTo CEO unfazed by VinFast’s Indonesia entry

Photo credit: ST

GoTo CEO Patrick Walujo remains confident despite the arrival of VinFast in Indonesia’s transportation sector and does not view the Vietnamese electric vehicle company as a direct competitor.

“We compete with them in Vietnam. They’ve launched a good product, and we believe they will be competitive in Indonesia,” he said at the DealStreetAsia: Indonesia PE-VC Summit 2025 held earlier this week.

Walujo highlighted that while VinFast’s business model centers around automotive manufacturing, Gojek focuses on providing ride-hailing services, underscoring the difference in their approaches.

“They come from an automotive manufacturing background, while we focus on offering app-based transportation services, with the flexibility to provide customers with a variety of vehicle brands,” he explained.

The comments come amid increased competition in the country’s ride-hailing market.

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VinFast, through its electric taxi subsidiary Xanh SM, recently launched in the Indonesian market, making Southeast Asia’s largest economy its second international destination after Laos.

The company also offers an electric taxi booking service via its custom-built online platform, allowing customers to easily book rides through the app.

This move reflects VinFast’s ambition to expand beyond its home market of Vietnam and tap into Indonesia’s growing demand for eco-friendly transportation solutions.

VinFast had previously signed a memorandum of understanding (MOU) with Gojek, the ride-hailing platform owned by GoTo, last year to provide an electric vehicle fleet in Indonesia.

However, with little progress on the collaboration, VinFast chose to independently launch Xanh SM in the country.

Walujo pointed out that the electric vehicle market is now one of the most competitive globally. “The EV market is now saturated with options, especially from China, which offers lower prices. Therefore, flexibility in offering a variety of vehicle brands to customers is key to our strategy,” he said.

Last year, GoTo made the bold decision to pull out of Vietnam, redirecting its focus to its core markets in Indonesia and Singapore. Despite significant cost-cutting measures, including thousands of staff layoffs and steep reductions in marketing spend, the company has yet to achieve positive net income.

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