Thursday, April 18, 2024
HomeRecent ArticlesVietnam-based Vingroup Plans to Invest in the Philippine Market

Vietnam-based Vingroup Plans to Invest in the Philippine Market

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.

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.

Read also – Higlobe Partners With Triple-A

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.

Read also – South Korea-based Rebellions Secures $124 Mn Series B Funding

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.

Read also – Zora Health Raises US$740K Funding

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.

Read also – Danfoss Unveils Asia Pacific’s First Sustainability Technology Center in Singapore

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.

Read also – Singapore-based Mesh Bio Secures US$3.5 Mn Series A Funding

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.

Read also – Roboost Secures USD3 Mn Funding

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.

Read also – Saudi Arabia-based Ejaro Secures USD 3.3Mn Pre-Series A Funding

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.

Read also – XREAL Announces USD $60M in Strategic Funding Round

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular