As part of his state visit to Vietnam, President Ferdinand Marcos Jr. of the Philippines held a private meeting with Vingroup Chairman Pham Nhat Vuong and the group’s senior executives in Hanoi.
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The meeting was attended by a high-level delegation from the Philippines, including Secretary of Foreign Affairs Enrique A. Manalo, Secretary of Trade and Industry Alfredo E. Pascual, Secretary of Agriculture Francisco T. Laurel, leaders of several government agencies and major Philippine companies.
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During the productive meeting, Vingroup Chairman Pham Nhat Vuong introduced the member companies in the Vingroup ecosystem with plans to invest in the Philippine market. He highlighted VinFast, a global electric vehicle brand with a diverse range of products including full electric motorcycles, cars, and buses.
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In addition to the electric vehicle business, the Vingroup Chairman also presented the prospects for cooperation in developing public services such as buses, taxis, and training students in artificial intelligence and medicine.
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The Philippines is revamping its transportation sector, phasing out aging combustion engine vehicles 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 EVs components, aiming to attract foreign investors for domestic assembly. This domestic production boost will add value to the nations economy.
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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. 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”, President Ferdinand Marcos Jr said.
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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.
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About Vingroup
Vingroup, formerly known as Technocom Corporation, was founded in 1993 in Ukraine. In the early 2000s, Vingroup started in Vietnam with two key brands: Vincom and Vinpearl. In January 2012, Vinpearl JSC merged with Vincom JSC to form Vingroup Joint Stock Company.
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