VinFast plans to invest in Philippine market this year

As part of his state visit to Vietnam, President Ferdinand Marcos Jr. of Philippines held a private meeting with Vingroup Chairman Pham Nhat Vuong and the group’s senior executives in Hanoi.

During the productive meeting, Vingroup Chairman Pham Nhat Vuong introduced the member companies in the Vingroup ecosystem with plans to invest in the Philippine market. He highlighted VinFast, a global electric vehicle brand with a diverse range of products including full electric motorcycles, cars, and buses.

In addition to the electric vehicle business, Vingroup Chairman also presented the prospects for cooperation in developing public services such as buses, taxis, and training students in artificial intelligence and medicine.

President Ferdinand Marcos Jr. welcomed Vingroup's intention to invest in various Philippine industries and sectors, noting the alignment between Vingroup's interests and the country's development directions, particularly in electric vehicles and batteries.

Philippines is revamping its transportation sector, phasing out aging combustion engine vehicles and implementing a modernization plan. Securing a source of electric vehicles is crucial. The country has already enacted laws that support electric vehicles and encourage importing EVs components, aiming to attract foreign investors for domestic assembly. This domestic production boost will add value to the nation's economy.

In addition, Philippines also hopes to participate in the electric vehicle battery supply chain. “Philippines is fortunate to have all the necessary ingredients to produce batteries for electric vehicles, with abundant reserves of cobalt, copper and nickel. However, it has still been exporting raw ores. The government is working to increase the value of the Philippine economy by processing them domestically and expects to be able to establish a battery factory. This is in line with Vingroup's vision,” President Ferdinand Marcos Jr said.

President Marcos Jr. also affirmed that the Philippine government is committed to creating a favorable business environment for foreign investors. He emphasized the ongoing administrative reforms aimed at streamlining procedures and reducing bureaucratic hurdles. The Philippine government agencies stand ready to provide Vingroup with all necessary support to ensure the success of its ventures in the country.

Vingroup Chairman expressed his gratitude to the President and promised to immediately assign the group’s member companies to engage with partners and relevant Philippine agencies to explore investment and cooperation opportunities. Mr. Pham Nhat Vuong also noted that the Philippines was a top priority market for Vingroup's global expansion strategy.

As per the established plan, VinFast will lead the way for Vingroup's investments in Philippines in 2024, commencing with the establishment of a network of electric car and motorcycle dealerships. This initiative marks the next strategic step in VinFast's ambitious expansion plan, targeting a presence in at least 50 countries this year, with Southeast Asia designated as the key markets region.