HANOI—President Marcos urged Vietnamese firms to invest in the Philippines as he arrived in this city yesterday afternoon for a two-day state visit.
President Marcos visited the Vingroup Company, Vietnam’s largest private company with a $21.1-billion market capitalization through its subsidiary VinFast.
VinFast plans to sell and launch electric vehicles (EVs) in the Philippines through dealership business by April 2024 to test the local market first, as it expressed its intention to engage in the manufacture and assembly of EVs in the future.
The President and his delegation also met with members of the Filipino community, thanking them for their contributions to strengthen the connections between the Philippines and Vietnam.
Vietnam is home to some 7,000 overseas Filipino workers (OFWs).
Mr. Marcos is set to meet President Vo Van Thuong, Prime Minister Pham Minh Chinh and National Assembly Chairman Vuong Dinh Hue as well as hold a working luncheon with Philippines and Vietnam business leaders.
DFA Assistant Secretary Aileen Mendiola-Rau said the President would start a discussion on various regional and international issues with Vietnamese leaders during his state visit.
“If it’s on the MOU (memorandum of understanding) between the (Philippine and Vietnamese) Coast Guard, it’s a simple agreement on how both coast guards will cooperate with each other,” Rau said.
Mr. Marcos will attend a state banquet in his honor Tuesday evening before flying back to Manila.