Vinfast will be the first company of Vingroup Corporation to invest in the Philippines in 2024 by establishing a network of car and electric motorbike businesses.
The investment plan was shared by Vingroup Chairman Pham Nhat Vuong with Philippine President Ferdinand Marcos JR and a high-ranking delegation during his State visit to Vietnam.
This is the next step in VinFast 's strategy to expand its business to at least 50 countries this year, identifying Southeast Asia as one of the key regions. Mr. Pham Nhat Vuong also affirmed that the Philippines is one of Vingroup's important markets when expanding regionally and internationally.
Chairman Pham Nhat Vuong (second from left) and Philippine President (third from left) at the meeting on January 29. Photo: Vingroup
According to President Marcos, Vingroup has many similarities with the development orientation of the Philippines, especially in the field of electric vehicles and batteries. The country is in the process of restructuring the transportation sector, gradually replacing old vehicles and implementing a modernization plan, including seeking sources of electric vehicles.
In addition, the Philippines has also passed a law to support electric vehicles, encourage the import of electric vehicle components and wants to attract foreign investors to participate in assembling electric vehicles domestically.
Vingroup Chairman Pham Nhat Vuong discussed with President Ferdinand Marcos Jr. about investment plans in the Philippine market. Photo: Vingroup
The country also wants to enter the electric vehicle battery supply chain by processing minerals for battery production. President Marcos said the Philippines has the necessary components to produce electric vehicle batteries, with abundant reserves of cobalt, copper and nickel. The country is still exporting raw minerals, processing minerals domestically and planning to set up a battery factory.
In addition, the Philippine government is also promoting administrative reforms and reducing procedures to create a favorable business environment for foreign investors. At the event, the President also said that he will create favorable conditions to support Vingroup and its member companies to invest in the domestic market.
At the event, in addition to introducing Vinfast - a global electric vehicle brand with diverse product lines such as electric motorbikes, electric cars, electric buses, Mr. Pham Nhat Vuong also expressed the prospect of cooperation in developing public services such as buses, taxis, training students majoring in AI and medicine...
Tue Anh
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