VIETNAMESE electric vehicle (EV) manufacturer VinFast has signified intentions to set up an EV manufacturing facility in the country, Trade Secretary Cristina Roque said.
The secretary said she would be meeting with VinFast to discuss the Electric Vehicle Incentive Strategy (EVIS) program, and that among the goals of the meeting is to urge the company to local EV manufacturing and sign up for EVIS.
The program, established through Executive Order 121 signed by President Ferdinand Marcos Jr. last July, allocates up to P60 billion in total incentives to boost EV manufacturing in the country.
Roque said the implementing rules and regulations for the EVIS program were expected to be released soon. So far, only Mitsubishi Motors Philippines Corp. and Francisco Motors have signified interest in joining.
VinFast has yet to commit to a specific number of projects, amount of investment and timeline for any potential investment, she said. But she noted that the company was currently looking at various sites that could serve as a location for a possible manufacturing facility.
Asked whether VinFast planned to export vehicles manufactured in the Philippines, she said this was not yet confirmed. She said VinFast had already been informed about the incentives not just for EV manufacturing but also for other types of investment in the country.
Aside from EV manufacturing, Roque said VinFast also expressed interest in expanding into other industries such as hospitals and entertainment cities, including theme parks and other facilities.
She said VinFast representatives previously met with President Marcos in Malacañang to present their company and signify their interest in investing in various industries in the country.
Roque said her agency’s meeting with VinFast would be preliminary, with nothing fixed or final yet, adding she would issue updates after concluding her meeting with the company.
