Vingroup to invest in the Philippines this year

As part of his State visit to Vietnam, President of the Philippines Ferdinand Marcos Jr. attended a private meeting with the Chairman of Vingroup Pham Nhat Vuong and the corporation’s senior executives on January 29 in Hanoi.

During the meeting, Mr. Vuong introduced the member companies within the Vingroup ecosystem with plans to invest in the Philippines. He highlighted VinFast, its electric vehicle brand with a diverse range of products, including full electric motorcycles, cars, and buses.

The electric vehicle manufacturer is expected to be the first company of Vingroup to invest in the Philippines in 2024. This is an important step in VinFast’s strategy to expand its business network to at least 50 countries by year’s end, with Southeast Asia designated as a key market.

President Marcos 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. He emphasized that the country is in the process of overhauling its transport industry by replacing older vehicle models 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 electric vehicle components, aiming to attract foreign investors for domestic assembly. This domestic production boost will add value to the country’s economy

In addition, the Philippines also hopes to participate in the electric vehicle battery supply chain. “The Philippines is fortunate to have all the necessary ingredients to produce batteries for electric vehicles, with abundant reserves of cobalt, copper, and nickel,” he said. “However, it has still been exporting raw ore.”

The government is also working to increase the value of the Philippine economy by processing them domestically and expects to be able to establish a battery factory.

The President affirmed that his government is actively working to create a favorable business environment for foreign investors, including Vingroup.

Mr. Vuong 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.

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