Capital A Berhad of Malaysia and VinFast of Vietnam are exploring business opportunities in the Philippines, according to Trade Secretary Cristina Roque.
In a virtual press briefing, Roque said on the sidelines of the Asean summits last week, she met officials of automotive manufacturer VinFast for possible investments the Philippines.
Roque said the Department of Trade and Industry is coordinating with Capital A, operator of low cost-carrier Air Asia, on their investments in the Philippines.
Roque did not give details of the discussions but said VinFast eyes electric vehicle (EV) assembly while Capital A aims to strengthen its presence in the country.
“Everything is up for negotiation,” said Roque.
VinFast’s discussions with Roque is a followup on the January meeting between President Marcos Jr. and officials of VinFast mother company Vingroup where the latter expressed interest to establish EV and EV battery manufacturing in the Philippines.
VinFast in May entered the Philippine EV market following successful launches in Thailand and Indonesia.
Capital A, meanwhile, yesterday announced shareholders have voted in favor of the proposed disposal of the Group’s aviation business to AirAsia X which will enabling Capital A to focus on its other businesses, aviation services, digital and logistics.
This involves the divestment of AirAsia Aviation Group Ltd. consisting of AirAsia subsidiaries in Thailand, Indonesia, the Philippines and Cambodia.
