President of the Philippines meets with Vingroup Chairman

Tuesday, Jan 30, 2024 15:44

President of the Philippines inand Marcos Jr.(second right) and Vingroup Chairman Phạm Nhật Vượng (second left) pose for a photo before their private meeting in Hà Nội on January 29. — Photo of Vingroup

President Ferdinand Marcos Jr. of the Philippines held a private meeting with Vingroup Chairman Phạm Nhật Vượng and the group’s senior executives in Hà Nội on January 29 as part of his state visit to Việt Nam.

During their meeting, Vingroup Chairman Vượng 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 Marcos welcomed Vingroup's intention to invest in various Philippine industries and sectors, noting the alignment between Vingroup's interests and the country's development directions, particularly in electric vehicles and batteries.

The Philippines is revamping its transportation sector, phasing out aging combustion engine vehicles and implementing a modernisation 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 nation's 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 Vingroup's vision”, President Marcos.

President of the Philippines meets with Vingroup Chairman during their private meeting in Hà Nội on January 29. — Photo of Vingroup

President Marcos also affirmed that the Philippine government is committed to creating a favorable business environment for foreign investors. He emphasised the ongoing administrative reforms aimed at streamlining procedures and reducing bureaucratic hurdles. The Philippine government agencies stand ready to provide Vingroup with all necessary support to ensure the success of its ventures in the country.

Vượng expressed his gratitude to the President and promised to immediately assign the group’s member companies to engage with partners and relevant Philippine agencies to explore investment and cooperation opportunities.

As per the established plan, VinFast will lead the way for Vingroup's investments in the Philippines in 2024, commencing with the establishment of a network of electric car and motorcycle dealerships. This initiative marks the next strategic step in VinFast's ambitious expansion plan, targeting a presence in at least 50 countries this year, with Southeast Asia designated as the key markets region. — VNS

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