Vingroup will invest in the Philippines.

Vinfast will be the first company of Vingroup to invest in the Philippines in 2024, establishing a network for selling electric cars and motorcycles.

The investment plan was shared by Vingroup Chairman Pham Nhat Vuong with Philippine President Ferdinand Marcos JR and a high-level delegation during the State visit to Vietnam.

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. Mr. Pham Nhat Vuong also affirmed that the Philippines is one of Vingroup's important markets as it expands regionally and internationally.

Chairman Pham Nhat Vuong (second from left) and the President of the Philippines (third from left) at their meeting on January 29. Photo: Vingroup

According to President Marcos, Vingroup shares many similarities with the development direction of the Philippines, especially in the field of electric vehicles and batteries. The country is in the process of restructuring its transportation sector, gradually replacing older vehicles and implementing modernization plans, including seeking sources of electric vehicles.

In addition, the Philippines has also passed legislation supporting electric vehicles, encouraging the import of electric vehicle components, and hoping to attract foreign investors to participate in the domestic assembly of electric vehicles.

Vingroup Chairman Pham Nhat Vuong discusses investment plans in the Philippines market with President Ferdinand Marcos Jr. (Photo: Vingroup)

The country also hopes to participate in the electric vehicle battery supply chain by processing minerals for battery production. President Marcos stated that the Philippines possesses the necessary components for electric vehicle battery production, with abundant reserves of cobalt, copper, and nickel. The country continues to export raw minerals, processes them domestically, and plans to establish battery manufacturing plants.

Furthermore, the Philippine government is also promoting administrative reforms and streamlining procedures to create a favorable business environment for foreign investors. At the event, the President also stated that he would facilitate and support Vingroup and its member companies in investing in the domestic market.

At the event, in addition to introducing Vinfast - a global electric vehicle brand with diverse product lines such as electric motorcycles, electric cars, and electric buses, Mr. Pham Nhat Vuong also expressed his prospects for cooperation in developing public services such as buses, taxis, and training students in AI and medicine...

Tue Anh

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