Vietnam’s largest conglomerate Vingroup said on Tuesday its electric vehicles manufacturer subsidiary VinFast will lead the way for its investments in the Philippines in 2024 by establishing a network of EV business network in the country.
The announcement follows Vingroup’s chairman Pham Nhat Vuong meeting with Philippines President Ferdinand Marcos Jr. on Monday in Hanoi.
“As per the established plan, VinFast will lead the way for Vingroups investments in the Philippines in 2024, commencing with the establishment of a network of electric car and motorcycle dealerships. This initiative marks the next strategic step in VinFasts ambitious expansion plan, targeting a presence in at least 50 countries this year, with Southeast Asia designated as the key markets region.” the statement read.
During the meeting, Vuong introduced Vingroup’s plans to invest in the Philippine market, highlighting VinFast as a global electric vehicle brand with a diverse range of products including full electric motorcycles, cars, and buses.
The Philippines is revamping its transportation sector, phasing out aging combustion engine vehicles and carrying out a modernisation plan. As securing a source of electric vehicles is crucial, the Asian country has enacted laws that support EVs and encourage importing the components, aiming to attract foreign investors for domestic assembly. This domestic production boost is expected to add value to the Philippines’ economy.
President Ferdinand said: “The 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 Vingroups vision,”
As part of his visit to Vietnam, Philippines’ President Ferdinand Marcos Jr. held a private meeting with Vingroup Chairman Pham Nhat Vuong and the group’s senior executives in Hanoi on Monday, January 29, 2024
