Vingroup plans to expand to PH starting with establishments of EV dealerships

The Trade Department of the Philippines rolled out a strategic plan in October 2023 to carve out specialized zones purely focused on the manufacturing of electric vehicles (EVs), heralding a new era of eco-friendly transportation in the country.

• Presidential Debut at Vingroup: A meeting took place three months post-announcement, with President Ferdinand Marcos Jr. setting foot in Vingroup, the company behind Vietnam's electric vehicle, VinFast.

• Strategic Conversations: Amidst discussions with Vingroup's Chairman Pham Nhat Vuong, Marcos Jr. gained insights into the conglomerate's investment blueprint for the Philippines—a country Vuong regards as a "top priority market" for the company's ambitious expansion plans.

• Vroom into the Market: VinFast is poised to leap into the Philippine market with gusto, initiating its foray with an array of EV dealerships set to emerge across the nation this year, signaling a significant shift in the automotive landscape.

• Beyond Exports: In a compelling narrative of self-sufficiency, Marcos Jr. highlighted that while the Philippines is rich in raw ores vital for EV battery production, the country's vision extends to refining these ores domestically, thus fueling local battery plants and eschewing the need for exports.

The expansive discussions also canvassed the potential for joint ventures that transcend the automotive sector, delving into realms such as revamping public transportation systems and spawning educational programs in cutting-edge fields like AI and medicine.