Vietnamese electric vehicle (EV) manufacturer VinFast is setting its sights on regional expansion, with the Philippines as its latest target market.
Driven by the immense potential of the Philippine EV market, VinFast leveraged its expansion to become a major player in Southeast Asia’s burgeoning EV industry.
“Many people ask why Vingroup created VinFast. We do it because we feel the need to contribute to society, not just to do business. A large, successful enterprise with certain capabilities has a duty to contribute to its homeland,” said VinFast founder Pham Nhat Vuong.
The company said the Philippines offers a promising market for electric vehicles given its large population and growing demand for sustainable transportation. The country also holds a strategic advantage as the world’s second-largest supplier of nickel, a key component in EV battery cells.
VinFast, established in 2017, is a subsidiary of Vingroup, Vietnam’s largest conglomerate. It holds the distinction of being Vietnam’s first domestic automaker and a pioneer in the country’s electric vehicle revolution.
Founded by a billionaire known for his bold vision and decisive action, VinFast surprised the industry with its rapid launch of gasoline-powered vehicles just a year after its inception.
The company leveraged its parent company’s expertise in construction and real estate to build its manufacturing facilities and establish a nationwide network of charging stations in Vietnam.
VinFast secured partnerships with BMW, Pininfarina and Bosch, further accelerating its technological development.
Experts predict a significant growth in the Philippine EV market over the coming years. The Electric Vehicle Association of the Philippines (EVAP) forecasts a massive increase in EVs, with projections reaching 6.6 million units by 2030.
