Vietnamese electric vehicle maker VinFast has officially signed cooperation agreements with the first four dealerships in the Philippines, marking a significant milestone in the company’s Southeast Asian expansion.
The brand launch event in Manila saw VinFast solidify partnerships with EV Solutions, K1 Prestige Bay Motors Inc., Autoflare Corporation, and MNV Auto Group Inc. These dealerships, headquartered in Manila and Iloilo City, will be responsible for selling VinFast’s lineup of electric vehicles, including the VF 5, VF e34, VF 7, and VF 9 models, starting from the third quarter of 2024.
“By partnering with trusted and experienced automotive companies, VinFast is determined to deliver smart and convenient electric mobility solutions to Filipino consumers as soon as possible, offering complete peace of mind,” said Ms. Nguyen Thi Minh Ngoc, CEO of VinFast Philippines.
VinFast’s market entry strategy includes a unique battery subscription policy, which aims to lower the initial cost of electric vehicles and make them more accessible for Filipino consumers. The company also sets itself apart with a comprehensive after-sales policy, including a 7-10 year vehicle warranty and a free battery replacement and maintenance program.
To accelerate its presence in the Philippines, VinFast plans to open dozens of dealerships across the country in 2024, strategically located in major cities to cater to the growing middle class and the increasing demand for electric vehicles.
The Philippines becomes the third Southeast Asian market VinFast has entered in the first half of 2024, following Indonesia and Thailand. This rapid expansion strengthens VinFast’s position in the region and demonstrates the company’s ability to quickly establish a strong retail network and solidify its presence in new markets.
