Vingroup to expand to Philippines this year

By Phuong Anh - Jan 31, 2024 | 02:21 PM GMT+7

TheLEADERVingroup’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.