President Ferdinand “Bong Bong” Marcos Jr. has welcomed Vingroup’s interest in investing in the production of electric vehicle (EV) batteries in the Philippines.
Vingroup is a multi-sector corporation focusing on technology, industry, trade, and services, and continues to lead consumer trends in various sectors. Formerly known as Technocom Corporation, was founded in 1993 in Ukraine. In the early 2000s, Vingroup started in Vietnam with two key brands: Vincom and Vinpearl. In January 2012, Vinpearl JSC merged with Vincom JSC to form Vingroup Joint Stock Company.
Vingroup continues to pioneer and lead consumer trends in each of its businesses introducing Vietnamese consumers to a brand new, modern life-style with international-standard products and services. Vingroup has created a respected, well-recognized Vietnamese brand and is proud to be one of the nation’s leading private enterprises.
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.
PBBM 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.
PBBM also highlighted the need for adapting to evolving business practices, particularly in areas such as cybersecurity, digital banking, digital transfers of money, and artificial intelligence (AI).
With additional report: Manila Standard Today, Charles Dantes
