Vietnam-based automaker VinFast Auto is poised to enter the Philippines’ electric vehicle market in late May 2024, following a meeting between Philippine President Ferdinand Marcos Jr. and VinFast CEO Pham Nhat Vuong in January 2024.
The official launch of the VinFast brand is scheduled for June 1 to 2, allowing the public to explore VinFast’s lineup of EVs, including the VF e34, VF 5, VF 7, and VF 9, six electric motorcycles, and the VF DrgnFly electric bicycle.
VinFast aims to establish a dealer network across the Philippines, capitalizing on the increasing pace of EV adoption in the country. Sales are projected to reach 6.6 million by 2030.
Rommel Juan, chairman of the Electric Vehicle Association of the Philippines, expressed confidence in the country’s readiness for full EV adoption, stating, “I think that the country is ready to go full EV. The technology is there, and the infrastructure is catching up fast,” in an interview with local media outlet BusinessWorld.
VinFast’s expansion into the Philippines is part of its larger goal to deliver 100,000 EVs by the end of the year. Despite a slower start in 2024, with slightly below 10,000 EVs delivered in Q1 2024, the company remains committed to its target.
In addition to the Philippines, VinFast, a subsidiary of Vietnamese conglomerate Vingroup, has made investments in countries such as Indonesia, Thailand, India, Canada, Europe, and the US.
