Vingroup, the Vietnamese conglomerate behind VinFast, plans to invest $500 million in an EV factory in the Philippines. The Department of Trade and Industry (DTI) announced it after Trade Secretary Cristina Roque met Vingroup vice chairman Nguyen Quoc Tuan.
The plan
- Initial capacity of 200,000 vehicles a year, for the domestic market and export, GMA News reports.
- Construction is targeted for the first quarter of 2027, with a one-to-one-and-a-half-year build. That points to production around mid-2028 at the earliest, electrive notes.
- It will build cars and electric scooters, starting with cars.
- DTI has not named the site. Electrive cites Inquirer.net quoting Roque as saying Batangas is the "preferred" location.
"Vingroup's USD 500 million investment underscores the Philippines' rising status as Southeast Asia's destination of choice for advanced manufacturing and green technology," Roque said. DTI pointed to tax incentives under the CREATE MORE Act and faster permits through Green Lanes.
VinFast's footprint
Electrive says it would be the company's third overseas production hub, after Indonesia and India. VinFast sells the VF 3, VF 5, VF 6, VF 7 and VF 9 in the Philippines and added three scooters in July. Tesla does not sell cars in the Philippines. It is moving into VinFast's home market instead, with job postings in Vietnam.