Vingroup plans to launch a PH electric service

According to Malacañang on Tuesday, Vingroup, the biggest real estate company in Vietnam, has shown interest in investing in the Philippines' EV battery production.

President Ferdinand R. Marcos Jr. met with executives from Vingroup, a Vietnamese company, and they expressed interest in investing in the Philippines to produce batteries for electric vehicles. Citing the nation's ongoing Public Utility Vehicle Modernization Program and the replacement of outdated jeepneys and tricycles, Marcos accepted the offer on time.

“I am very happy to note your interest in expanding your operations to the Philippines and you’ve just begun organizing offices there. And I think there is much that you could do,” Marcos told Vingroup’s top executives, as quoted by the PCO.

“The Vingroup is well-known in the Philippines because we are very much aligned [with] what we would like to do in the future in terms of electrical vehicle battery production,” he added.

By 2028, the Philippines wants to overtake Malaysia and Thailand in terms of FDI inflows, and rank as the second-highest ASEAN destination overall.