Participating in the meeting with President Ferdinand Marcos Jr. were also Minister of Foreign Affairs Enrique A. Manalo, Minister of Industry and Trade Alfredo E. Pascual, Minister of Agriculture Francisco T. Laurel and leaders of a number of Government agencies and businesses. major of the Philippines.
At the meeting, Chairman of Vingroup Pham Nhat Vuong introduced to President Ferdinand Marcos Jr regarding companies in the Vingroup ecosystem that are planning to invest in the Philippine market, especially VinFast – the brand Global electric vehicles with diverse product lines from electric motorbikes, electric cars, electric buses. Besides the electric vehicle business, Vingroup Chairman also presented the prospect of cooperation in developing public services such as buses, taxis, training students specializing in AI and medicine…
President of the Philippines and Vingroup Chairman Pham Nhat Vuong (middle) in a private meeting in Hanoi on the followingnoon of January 29, 2024.
Welcoming Vingroup’s intention to invest in multiple sectors and fields in the Philippines, President Ferdinand Marcos Jr. said that Vingroup is very famous in the Philippines and has many similarities with the country’s development orientation, especially in the field of investment. electric vehicle and battery sector. The Philippines is in the process of restructuring the transportation industry, with the gradual replacement of old vehicles and the implementation of a modernization plan, of 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 hopes to attract foreign investors to participate in domestic electric vehicle assembly to create more value for the economy.
In addition, the Philippines also wants to participate in the electric vehicle battery supply chain, by processing minerals to serve battery production. Speaking at the meeting, President Ferdinand Marcos Jr. said: “The Philippines is fortunate to possess 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 ourselves domestically and hope to be able to establish a battery factory. All of this is in line with our vision. Vingroup’s view”.
The Philippine President also affirmed that the Government of this country is promoting administrative reform 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.
The Chairman of Vingroup thanked the President of the Philippines and promised to immediately assign the Group’s companies to connect with partners and relevant agencies of the Philippines to promote research and explore opportunities for cooperation and investment. private. Mr. Pham Nhat Vuong also affirmed that Vingroup considers the Philippines as one of the particularly important markets in its strategy of reaching out to the region and internationally.
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 business network for cars and electric motorbikes. This is the next step in VinFast’s strategy to expand business to at least 50 countries this year, which identifies Southeast Asia as one of the key regions.
