VIETNAMESE electric vehicle maker VinFast is going to launch five new electric cars and six models of electric scooters for the Philippines on May 31.
Fresh off its success in Indonesia, VinFast is making significant strides in Southeast Asia, where it launched its VF e34 electric SUV in taxi form in Vietnam and Laos, soon in Indonesia. It also introduced a unique battery subscription policy currently available in the US market for Southeast Asia.
VinFast’s entry into the Philippines marks the fulfillment of a promise made by VinFast Chairman Pham Nhat Vuong to Philippine President Ferdinand R. Marcos Jr. during their meeting in January 2024.
“The brand launch in the Philippines marks another significant milestone for VinFast in its journey to grow its presence in the global electric vehicle market,” Nguyen Thi Minh Ngoc, CEO of VinFast Philippines said in a press statement.
Company officials from Vinfast global PR office told Malaya Business Insight that VinFast will host a media launch on May 31. One June 1 and 2 vehicles will be displayed to the public at various venues. Confirmed to be launched are the VF e34, VF 5, VF 7, and VF 9, six electric motorcycle models, and the VF DrgnFly electric bike. Test drives will be made available soon after.
Not in the current line-up for the Philippine market is the VF8 compact SUV. A crowd favorite in Vietnam, the VF8 is particularly interesting because along with the VF9 are the brand’s vehicles sold in the US and will be first to be manufactured in Vinfast’s plant in North Carolina.
VinFast has established a robust team of automotive industry veterans in the Philippines.
This strategic move not only demonstrates the company’s commitment to the market but also ensures a seamless customer experience through a nationwide network of dealerships and exceptional after-sales services.
VinFast, is a subsidiary of Vingroup, Vietnam’s biggest private conglomerate.
VinGroup’s ambition in the Philippines extends beyond car sales, as it plans to provide the eco-friendly vehicles for taxi services, by Green and Smart Mobility (GSM), which is investing $400 million to $500 million in the next two to three years. The company has registered its intention to the Board of Investments (BOI).
VinGroup Chairman Pham has also expressed keen interest in investing in EV battery production in the medium to long term. It already has invested in Indonesia for a battery factory, leveraging the country’s rich reserves of nickel, cobalt, and copper. According to an insider in VinGroup, these essential components for battery manufacturing can also be sourced in the Philippines and the potential investment could boost the country’s position in the global EV supply chain and contribute to the growth of the local manufacturing sector.
PBBM has expressed support for the company’s potential involvement in replacing traditional jeepneys and tricycles with modern and sustainable electric vehicles. This collaboration could significantly improve public transportation in the Philippines, making it more efficient, reliable, and environmentally friendly.
“We are proud to support the Philippines in its electric mobility revolution and believe that by off rring modern, powerful, and smart vehicles alongside exceptional customer service, VinFast will steadily achieve its expansion goals in this market,” Nguyen added.
In a related development, the VinFast VF, a mini-SUV recently launched in Vietnam received a record-breaking number of 27,649 pre-orders within 66 hours of its launch. The starting price of the VF 3 is 235 million VND (approximately $9,248) for the battery subscription model and 315 million VND (approximately $12,390) for the battery included model. The VF 3 is expected to be delivered to customers starting in August 2024.— with Raymond B. Tribdino
