Vingroup to invest $500 million for EV production in Philiipines

MANILA, Philippines —  Vietnamese conglomerate Vingroup plans to invest $500 million in a flagship electric vehicle (EV) manufacturing facility in the Philippines.

In a statement, the Department of Trade and Industry (DTI) said Vingroup is expanding its regional footprint into the Philippines with a $500-million investment in an EV manufacturing facility that will serve as a strategic springboard for the group’s broader multi-industry expansion across the country.

Vingroup is the conglomerate behind EV manufacturer VinFast.

The planned EV manufacturing plant was discussed during a meeting between DTI Secretary Cristina Roque and Vingroup officials yesterday.

Vingroup’s manufacturing plant is designed to initially produce 200,000 vehicles per year.

The DTI said the plant would serve both the domestic market and exports.

Aside from four-wheeled EVs, Vingroup also aims to introduce its line of e-scooters to the Philippine market, expanding sustainable transport options for consumers.

The target is to start construction of the plant in the first quarter of next year, with development expected to be completed within one and a half years.

During the discussion with Nguyen Quoc Tuan, vice chairman of Vingroup and chairman of GSM Global, the DTI outlined the support mechanisms and incentives available for the manufacturing project.

In particular, the government offers tax incentives under the CREATE MORE Act and expedited regulatory processing through Green Lanes under Executive Order 18.

The government also has the EV Incentive Strategy, which seeks to incentivize local EV manufacturing.

“Vingroup’s $500 million investment underscores the Philippines’ rising status as Southeast Asia’s destination of choice for advanced manufacturing and green technology,” Roque said.

She said the DTI would provide end-to-end facilitation and ensure a competitive ecosystem for global innovators to expand their manufacturing footprint in the Philippines.

Apart from EV manufacturing, Roque said Vingroup is also interested in investing in hospitals and entertainment or theme parks in the country.