The Philippines welcomes Vingroup to invest.

Joining President Marcos Jr. at the meeting were Secretary of Foreign Affairs Enrique A. Manalo, Secretary of Commerce Alfredo E. Pascual, Secretary of Agriculture Francisco T. Lauren, and leaders from several Philippine government agencies and major businesses.

During the meeting, Vingroup Chairman Pham Nhat Vuong introduced President Ferdinand Romualdez Marcos Jr. to the companies within the Vingroup ecosystem that are planning to invest in the Philippine market, especially VinFast - a global electric vehicle brand with diverse product lines ranging from electric motorcycles, electric cars, and electric buses.

Vingroup Chairman Pham Nhat Vuong meets with President Ferdinand Romualdez Marcos Jr.

Besides the electric vehicle business, Mr. Pham Nhat Vuong also presented prospects for cooperation in developing public services such as buses, taxis, and training students in AI and medicine...

Welcoming Vingroup's intention to invest in multiple sectors in the Philippines, President Marcos Jr. said that Vingroup is very well-known in the Philippines and shares many similarities with the country's development orientation, especially in the electric vehicle and battery sector. The Philippines is in the process of restructuring its transportation sector, gradually replacing older vehicles and implementing modernization plans, in which securing a supply of electric vehicles is a crucial part.

The Philippines has now passed legislation supporting electric vehicles, encouraging the import of electric vehicle components and aiming to attract foreign investors to participate in domestic electric vehicle assembly to create additional value for the economy . Furthermore, the government also hopes to participate in the electric vehicle battery supply chain by processing minerals for battery production.

Speaking at the meeting, President Ferdinand Romualdez Marcos Jr. said: "The Philippines is fortunate to possess all the necessary components for producing batteries for electric vehicles, with abundant reserves of cobalt, copper, and nickel. Currently, the Philippines is still exporting raw minerals. We aim to add value to the Philippines by processing minerals domestically and hope to establish a battery manufacturing plant. All of this aligns with Vingroup's vision."

The President of the Philippines also affirmed that the government is accelerating administrative reforms and streamlining procedures to create a favorable business environment for foreign investors. The President welcomed Vingroup to the Philippines and stated that Philippine government agencies are ready to provide all necessary support to Vingroup and its subsidiaries during their investment and business operations.

Affirming that Vingroup considers the Philippines one of the particularly important markets in its regional and international expansion strategy, Mr. Pham Nhat Vuong promised to immediately instruct the group's companies to connect with partners and relevant agencies in the Philippines to promote research and explore opportunities for cooperation and investment.

According to plan, VinFast will be the first company under Vingroup to officially invest in the Philippines in 2024, establishing a network for selling electric cars and motorcycles. This is the next step in VinFast's strategy to expand its business to at least 50 countries this year, with Southeast Asia identified as one of its key regions.

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