VinFast, an automotive manufacturer from Vietnam will expand its global market by visiting the Philippine market this year. This indication strengthens with the visit of the president of the Philippines, Bongbong Marcos, to Vietnam in order to meet with company officials.
Launching Top Gear Philippines, Thursday, February 1, the company, which was founded in 2017, announced plans not only to open a network of dealers, but also to invest in EV battery production in the Philippines.
This plan is in line with what VinFast is carrying, which is a global car brand. Plus, the company has started its sales in North America and has stated it will be operating in Europe.
Alfredo Pascual, Secretary of the local Department of Commerce and Industry, said that VinFast's emergence in the country is the right momentum to take advantage of the Electric Vehicle Industry Development (EVIDE) law that allows EVs to be sold in the Philippines without being subject to excise tax.
"The Philippines welcomes investment in the electric vehicle sector because we position the country as a center of smart and sustainability-based manufacturing and services industry in Southeast Asia," Pascual said.
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Thus, the company will compete competitively with several well-known brands from Japan and China which are currently on the rise in recent years in the Philippines. This is also a gambling for VinFast as a fully electric vehicle brand because the country's supporting infrastructure is not yet capable.
It is reported that VinFast will open its dealer network starting April 2024. However, the producer does not want to reveal what model will be brought to the Land of the Padi Lumbung.
Meanwhile, VinFast has also confirmed his participation in the Indonesia International Auto Show (IIMS) 2024, where the company will introduce models such as VF5 to compete in the affordable electric vehicle segment.
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