Vietnam’s largest real estate firm, Vingroup, has expressed interest in investing in the production of electric vehicle (EV) batteries in the Philippines. The plan was discussed during President Ferdinand R. Marcos Jr.’s recent meeting with Vingroup executives. President Marcos welcomed the offer, considering it timely as the Philippines is currently implementing the Public Utility Vehicle Modernization Program (PUVMP). This program aims to replace old jeepneys and tricycles with modern units.
President Marcos emphasized the importance of Vingroup’s planned investment in EV battery production, stating that it aligns with the country’s future goals. He mentioned that the Philippine government is in the process of consolidating PUV operators and drivers into cooperatives and finalizing the specifications for the vehicles. Marcos also highlighted the proposal to keep the EV market open to multiple suppliers to accelerate the implementation of the PUVMP.
The President praised the young, skilled, and educated Filipino workforce as one of the country’s greatest assets. He emphasized the need to provide scholarships and upskilling opportunities to empower them, particularly in areas such as cybersecurity, digital banking, digital money transfers, and artificial intelligence.
After the meeting with Vingroup, President Marcos expressed gratitude for the firm’s offer of approximately 20 scholarships aimed at enhancing Filipinos’ competitiveness in the digital era. The Philippines, known for its good reserves of nickel, cobalt, and copper, is expected to support Vingroup’s venture as the country aims to increase the value of mineral processing within its borders.
Vingroup, a multi-sector corporation with a focus on technology, industry, trade, services, and social enterprise, has already registered its subsidiary Vinfast Philippines to implement its entry into various markets including EV marketing, energy storage, and nickel processing partnerships.
The Department of Trade and Industry (DTI) Secretary Alfredo Pascual encouraged Vinfast to explore opportunities beyond traditional dealership networks in the Philippines. He emphasized the country’s attractiveness as an EV market, especially after the issuance of Executive Order 12, which eliminates duties on certain EVs. Pascual also highlighted the potential for investment in mineral processing and urged Vingroup to consider opportunities in the tourism and healthcare sectors.
The Philippine government is actively working to increase foreign direct investments (FDI) from Vietnam and advance economic cooperation to become the second-highest FDI destination in ASEAN by 2028. In the third quarter of last year alone, the Philippines surpassed Malaysia and Thailand in terms of net FDI inflows.
Overall, the Philippines welcomes Vingroup’s potential investment in EV battery production as it aligns with the country’s goals and presents opportunities for economic growth and collaboration. The government is committed to creating a favorable environment for investments and aims to leverage its resources, skilled workforce, and attractive market to become a hub for smart and sustainable manufacturing and services industries in Southeast Asia.
