Philippines welcomes Vingroup to invest

Also attending the meeting with President Marcos Jr. were Foreign Minister Enrique A.Manalo, Trade and Industry Minister Alfredo E.Pascual, Agriculture Minister Francisco T.Laurel, and leaders of several government agencies and major businesses in the Philippines.

At the meeting, Vingroup Chairman Pham Nhat Vuong introduced to President Ferdinand Romualdez Marcos Jr. companies in the Vingroup ecosystem that are planning to invest in the Philippine market, especially VinFast - a global electric vehicle brand with diverse product lines from electric motorbikes, electric cars, and electric buses.

Vingroup Chairman Pham Nhat Vuong met with President Ferdinand Romualdez Marcos Jr.

Besides the electric vehicle business, Mr. Pham Nhat Vuong also presented the prospect of cooperation in developing public services such as buses, taxis, training students in AI and medicine...

Welcoming Vingroup's intention to invest in the Philippines in a multi-sector, multi-sector manner, President Marcos Jr. said that Vingroup is very famous in the Philippines, having many similarities with the country's development orientation, especially in the field of electric vehicles and batteries. The Philippines is in the process of restructuring the transportation sector, gradually replacing old vehicles and implementing a modernization plan, in which sourcing electric vehicles is an important part.

The Philippines has now passed a law to support electric vehicles, encourage the import of electric vehicle components and wants to attract foreign investors to participate in the assembly of electric vehicles in the country to create more value for the economy . In addition, the government also wants to participate in the electric vehicle battery supply chain, by processing minerals to serve battery production.

Speaking at the meeting, President Ferdinand Romualdez Marcos Jr. said: "The Philippines is fortunate to have all the necessary components to produce batteries for electric vehicles, with abundant reserves of cobalt, copper and nickel. Currently, the Philippines is still exporting raw minerals. We want to add value to the Philippines by processing minerals domestically and hope to be able to set up a battery factory. All of this is in line with Vingroup's vision."

The Philippine President also affirmed that the Government of this country is promoting administrative reforms and reducing procedures to create a favorable business environment for foreign investors. The President welcomed Vingroup to the Philippines and said that Philippine Government agencies are ready to create all favorable conditions to support Vingroup and its subsidiaries in the investment and business process.

Affirming that Vingroup considers the Philippines one of the particularly important markets in its strategy to expand regionally and internationally, Mr. Pham Nhat Vuong promised to immediately assign the group's companies to connect with partners and relevant agencies of the Philippines to promote research and explore cooperation and investment opportunities.

According to the plan, VinFast will be the first company under Vingroup to officially invest in the Philippines in 2024, with the establishment of a car and electric motorbike business network. This is the next step in VinFast's strategy to expand its business to at least 50 countries this year, in which Southeast Asia is identified as one of the key regions.

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