Vietnamese conglomerate Vingroup, the parent company of electric vehicle (EV) manufacturer VinFast, plans to invest $500 million or around P31.7 billion in EV manufacturing plant in the Philippines, with an initial production capacity of 200,000 vehicles annually, according to the Department of Trade and Industry (DTI).
Construction is targeted to begin in the first quarter of 2027, with development expected to take 12 to 18 months, the DTI said.
The facility is intended to supply the domestic market and export destinations. Vingroup also plans to introduce its electric scooters in the Philippines, expanding its planned product lineup beyond four-wheeled EVs.
The proposed investment was discussed during a meeting between DTI officials and Nguyen Quoc Tuan, Vingroup vice chairman and chairman of GSM Global.
The DTI said it outlined available investment incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, as well as expedited regulatory processing through the Green Lanes program under Executive Order No. 18.
DTI secretary Cristina Roque said the agency would facilitate the investment and help address regulatory requirements.
The planned plant would add EV manufacturing to the Philippines’ industrial base, although the project remains subject to implementation and the completion of the necessary regulatory processes.
The DTI did not identify the proposed plant’s location or provide details on the number of jobs it could generate, the project’s supply-chain requirements, or the extent of its planned local sourcing.
The announcement also did not specify which EV models would be manufactured at the facility or how much of its initial production would be allocated to Philippine buyers versus exports.
