Miguel Cordon · · 2 min readVinFast to enter Philippine EV race this month
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Vietnam-based automaker VinFast Auto is set to break into the Philippines’ electric vehicle market in late May 2024. This follows a January 2024 meeting between Philippine President Ferdinand Marcos Jr. and VinFast CEO Pham Nhat Vuong.
The official brand launch is set for June 1 to 2 for the public. Guests can explore VinFast’s range of EVs, including the VF e34, VF 5, VF 7, and VF 9, six electric motorcycles, and the VF DrgnFly electric bicycle.
VinFast also aims to build a dealer network across the Philippines as EV adoption has been picking up the pace. Sales in the country are expected to reach 6.6 million by 2030.
“I think that the country is ready to go full EV. The technology is there, and the infrastructure is catching up fast,” said Rommel Juan, chairman of Electric Vehicle Association of the Philippines, in a recent interview with local media outlet BusinessWorld.
The expansion marks another lap in VinFast’s race to deliver 100,000 EVs by the end of the year. Considering the target, the company had a slow start to the year, delivering slightly below 10,000 EVs in Q1 2024.
In addition to the Philippines, VinFast – a subsidiary of Vietnamese conglomerate Vingroup – has invested in countries like Indonesia and Thailand, as well as India, Canada, Europe, and the US.
See also: Vietnamese battery startups eye more green financing to power renewables push
Editing by Putra Muskita and Dhania Putri Sarahtika
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