Marcos welcomes Vingroup offer to invest in PH EV battery production

Hanoi—President Marcos on Monday hailed Vingroup’s interest in investing in the production of electric vehicle (EV) batteries in the Philippines.

“I am very happy to note your interest in expanding your operations to the Philippines and you’ve just begun organizing offices there. And I think there is much that you could do,” President Marcos said during a meeting with Vingroup’s top executives.

“The Vingroup is well-known in the Philippines because we have… we are very much aligned on what we would like to do in the future in terms of electrical vehicle battery production,” he added.

Vingroup is a multi-sector corporation focusing on technology, industry, trade, and services, and continues to lead consumer trends in various sectors.

President Marcos highlighted the timeliness of Vingroup’s investment in the Philippines, citing the country’s current modernization program for public utility vehicles (PUVs).

He explained that the modernization initiative involves replacing all conveyances, including buses and jeepneys, with specific vehicle specifications currently being finalized. The government is also working to consolidate operators and drivers into cooperatives.

Addressing electric vehicles and their components, President Marcos mentioned the government’s proposal to keep the market open, avoiding reliance on a single supplier to expedite the modernization process.

He pointed out that the Philippines has the necessary elements for EV battery production, citing abundant reserves of nickel, cobalt, and copper.

Despite the country’s current focus on exporting minerals, President Marcos expressed the desire to increase value by conducting processing within the Philippines.

He also bared the country’s young, skilled, and educated workforce as a major asset, noting the importance of providing scholarships and facilitating upskilling and reskilling to ensure the workforce is equipped with the necessary skills for success.

President Marcos also emphasized the need for adapting to evolving business practices, particularly in areas such as cybersecurity, digital banking, digital transfers of money, and artificial intelligence (AI).

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