Key takeaways:
- VinGroup of Vietnam expresses interest in investing in Philippines’ EV battery production
- President Marcos welcomes the move, citing alignment with ongoing public transportation modernization
- Emphasis on keeping the EV market open and utilizing the country’s mineral reserves
- Vingroups interest aligns with the Philippines’ goal of having 10% electric vehicles by 2040
- Optimism for collaboration with Vietnam, aiming to make the circular economy a reality in ASEAN
In a recent meeting in Hanoi, President Ferdinand R. Marcos Jr. welcomed VinGroup Company of Vietnam’s interest in investing in the Philippines, specifically in electric vehicle (EV) battery production. The President sees this as timely, aligning with the ongoing modernization of public transportation in the country.
“We are in the middle of our modernization program, essentially meaning we are going to replace all our conveyances, buses, and we have a particular type of transport…jeepneys,” Marcos explained to Vingroup executives, led by Chairman Pham Nhat Vuong and Vice Chairman/CEO Nguyen Viet Quang.
Marcos emphasized the government’s aim to keep the electric vehicle market open, avoiding reliance on a single supplier to speed up the modernization process. The Philippines, with its abundant nickel, cobalt, and copper reserves, is well-suited for EV battery production.
Despite presently exporting minerals, the Philippines aims to increase value by processing them domestically. Marcos highlighted the country’s young, skilled, and educated workforce as a significant asset, emphasizing the importance of providing necessary skills through scholarships and training.
Vingroup, known for pioneering trends in technology, industry, trade, and services, expressed interest in the Philippines’ EV battery production. President Marcos looks forward to collaborating with Vietnam and learning from their electronic vehicle industry, with a goal of having electric vehicles make up 10 percent of the Philippines’ road transport by 2040.
Marcos acknowledged that transitioning to electric vehicles would be a long-term, multi-sectoral process requiring strong support from both the private and public sectors.
In discussions with Vietnamese Prime Minister Pham Minh Ching, President Marcos highlighted the potential for a five percent aggregate energy savings from oil and electricity through the introduction of electric vehicles.
He expressed hope for driving the growth of the Philippine EV industry with the implementation of the Comprehensive Roadmap and the Electric Vehicle Industry Development Act (EVIDA).
Optimistic about cooperation between the Philippines, Vietnam, and other ASEAN member-countries, Marcos believes this collaboration can make “the circular economy a reality,” saving the region’s natural resources and fostering economic growth.◼
Business Bayani PH 
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