President of the Philippines Holds a Meeting with Vingroup Chairman in Hanoi


Hanoi, January 29th, 2024 - As part of his state visit to Vietnam, President Ferdinand Marcos Jr. of the Philippines held a private meeting with Vingroup Chairman Pham Nhat Vuong and the group’s senior executives in Hanoi. 

The meeting was attended by a high-level delegation from the Philippines, including Secretary of Foreign Affairs Enrique A. Manalo, Secretary of Trade and Industry Alfredo E. Pascual, Secretary of Agriculture Francisco T. Laurel, leaders of several government agencies and major Philippine companies. 

During the productive meeting, Vingroup Chairman Pham Nhat Vuong introduced the member companies in the Vingroup ecosystem with plans to invest in the Philippine market. He highlighted VinFast, a global electric vehicle brand with a diverse range of products including full electric motorcycles, cars, and buses.

In addition to the electric vehicle business, the Vingroup Chairman also presented the prospects for cooperation in developing public services such as buses, taxis, and training students in artificial intelligence and medicine.

President Ferdinand Marcos Jr. welcomed Vingroups intention to invest in various Philippine industries and sectors, noting the alignment between Vingroups interests and the countrys development directions, particularly in electric vehicles and batteries.

The Philippines is revamping its transportation sector, phasing out aging combustion engine vehicles and implementing a modernization plan. Securing a source of electric vehicles is crucial. The country has already enacted laws that support electric vehicles and encourage importing EVs components, aiming to attract foreign investors for domestic assembly. This domestic production boost will add value to the nations economy.

In addition, the Philippines also hopes to participate in the electric vehicle battery supply chain. “The Philippines is fortunate to have all the necessary ingredients to produce batteries for electric vehicles, with abundant reserves of cobalt, copper and nickel. However, it has still been exporting raw ores. The government is working to increase the value of the Philippine economy by processing them domestically and expects to be able to establish a battery factory. This is in line with Vingroups vision”, President Ferdinand Marcos Jr said.