Vingroup’s electric vehicle brand VinFast will lead the way for Vingroup’s investments in the Philippines in 2024, beginning with electric car and motorcycle dealerships.
As part of his state visit to Vietnam, President Ferdinand Marcos Jr. of the Philippines recently paid a visit to Vingroup and held a private meeting with Vingroup Chairman Pham Nhat Vuong and the group’s senior executives in Hanoi.
During discussions, Vuong unveiled the company’s plans to invest in the Philippine market.He also noted that the Philippines was a top priority market for Vingroup’s global expansion strategy.
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.
In addition to the electric vehicles (EV) business, Vuong also presented the prospects for cooperation in developing public services such as buses, taxis, and training students in artificial intelligence and medicine.
President Ferdinand Marcos Jr. welcomed Vingroup’s intention to invest in various Philippine industries and sectors, noting the alignment between Vingroups interests and the country’s development directions, particularly in EV and batteries.
He informed that the Philippines is revamping its transportation sector, phasing out aging combustion engine vehicles and implementing a modernization plan. Securing a source of EV is crucial.
The country has already enacted laws that support EV and encourage importing EVs components, aiming to attract foreign investors for domestic assembly. This domestic production boost will add value to the nation’s economy.
In addition, the Philippines also hopes to participate in the EV battery supply chain.
Tags:
Tags:
Foreign capital is anticipated to aid TNH Hospital Group Joint Stock Company (TNH) in realizing its ambitious expansion plans.
While major consumer finance firms in Vietnam have reported strong growth, Mcredit posted an unexpected 87 per cent drop in profit for the first half of 2024.
Well-managed companies not only seek capital but also maximize their investments, creating a solid foundation for long-term growth.
Business leaders often stumble in managing organizational change, according to Digiworld's Vice President To Hong Trang, who cited the 5W1H formula as a framework.
Pham Nguyen Confectionery, Nhat Tin Logistics, OnPoint, and Lotus Group have been recognized by Deloitte Vietnam as the best managed companies.
Kim Long Motor and Yuchai Corporation have launched a $260 million engine manufacturing plant in Vietnam, marking a significant leap for the country’s industrial ambitions.
