Philippine President Meets with Vingroup Chairman in Private

Joining the meeting with President Ferdinand Marcos Jr, attendees included Foreign Secretary Enrique A. Manalo, Trade Secretary Alfredo E. Pascual, Agriculture Secretary Francisco T. Laurel, as well as leaders from various government agencies and major businesses in the Philippines.

During the meeting, Vingroup Chairman Pham Nhat Vuong introduced various companies within the Vingroup ecosystem that are planning to invest in the Philippines, with a special focus on VinFast – a global electric vehicle brand that offers a diverse range of electric motorcycles, cars, and buses. In addition to the electric vehicle business, Chairman Vuong also presented the prospects of collaboration in developing public services such as buses, taxis, and specialized AI and medical training for students…

Welcoming Vingroup’s multi-sector, multi-industry investment plans in the Philippines, President Ferdinand Marcos Jr acknowledged Vingroup’s renowned reputation and highlighted the similarities between their development direction and the Philippines, particularly in electric vehicles and batteries. The Philippines is currently undergoing transportation restructuring, gradually replacing old vehicles and implementing modernization plans, with a crucial aspect being the search for electric vehicle suppliers. The Philippines has already passed electric vehicle support laws to encourage the import of electric vehicle components and attract foreign investors to participate in domestic electric vehicle assembly to generate additional economic value.

Furthermore, the Philippines also expressed its desire to participate in the electric vehicle battery supply chain by processing minerals for battery production. Speaking at the meeting, President Ferdinand Marcos Jr stated, “The Philippines is fortunate to possess abundant resources, such as cobalt, copper, and nickel, that are essential for producing electric vehicle batteries. Currently, the Philippines still exports raw minerals. We hope to increase the value for the Philippines by domestically processing minerals and establishing battery manufacturing plants. All of these align with Vingroup’s vision.”

The President of the Philippines also affirmed that its government is actively pushing administrative reforms and reducing procedures to create a favorable business environment for foreign investors. The President welcomed Vingroup to the Philippines and assured that the Philippine Government agencies are ready to provide favorable conditions to support Vingroup and its subsidiaries throughout the investment and business process.

The Vingroup Chairman expressed gratitude to the President of the Philippines and pledged to immediately connect Vingroup’s companies with partners and relevant Philippine agencies to facilitate research, explore collaboration opportunities, and investment. Mr. Pham Nhat Vuong also emphasized that the Philippines is one of the key markets within Vingroup’s regional and international expansion strategy.

According to the plan, VinFast will be the first Vingroup company to officially invest in the Philippines in 2024, establishing a business network for electric cars and motorcycles. This move is part of VinFast’s business expansion strategy targeting at least 50 countries this year, with Southeast Asia identified as one of the key regions.

Anh Quan (forum.autodaily.vn)