Gabriel Budi Sutrisno · · 1 min readVingroup outlines PH expansion after visit from President Marcos Jr.
Philippine President Ferdinand Marcos Jr. (third from left) and Vingroup chairman Pham Nhat Vuong (second from left) during the former’s visit to Vingroup / Photo credit: Vingroup
In October 2023, the Philippines’ trade department unveiled a plan to establish dedicated zones for electric vehicle manufacturing. Three months later, President Ferdinand Marcos Jr. visited Vingroup, the Vietnamese conglomerate behind EV brand VinFast.
During Marcos Jr.’s discussions with Vingroup chairman Pham Nhat Vuong, the company disclosed its plans for investments in the Philippines, with Vuong highlighting the country as a “top priority market” for expansion.
As such, VinFast will commence operations in the Philippines this year, beginning with a network of EV dealerships.
In a statement, Marcos Jr. acknowledged that while the Philippines has the necessary resources for EV battery production, it aims to process raw ores domestically instead of exporting them to support battery facilities in the country.
The discussions also covered other potential collaborations, including public transportation projects as well as educational initiatives in AI and medicine.
See also: Southeast Asian investors bullish on electric bikes, clean energy in 2024
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
