By Brian Jules Campued
Vietnam’s Vingroup Company has expressed interest in investing in the Philippines particularly in electric vehicle (EV) battery production during President Ferdinand R. Marcos Jr.’s state visit to Vietnam on Monday.
“I am very happy to note your interest in expanding your operations to the Philippines and you’ve just [begun] organizing offices there. And I think there is much that you could do,” President Marcos said during a meeting with Vingroup’s top executives in Hanoi.
“The Vingroup is well-known in the Philippines because we have… we are very much aligned [on] what we would like to do in the future in terms of electrical vehicle battery production,” the President added.
Vingroup is a multi-sector corporation focusing on technology and industry, trade and services, social enterprise, and continues to lead consumer trends in various sectors.
According to a statement from the Presidential Communications Office (PCO) released Tuesday, the President welcomed the company’s venture as the country is currently implementing its Public Utility Vehicle Modernization Program (PUVMP).
The chief executive told Vingroup executives that the government is in the process of consolidating individual operators and drivers into cooperatives and specifications of the modernized PUVs are being finalized as well.
He proposed leaving the market open for electric vehicles and its components to avoid reliance on a single supplier to expedite the modernization process.
Meanwhile, with regards to EV battery production, Marcos pointed out that while the country is exporting minerals, it still has abundant reserves of nickel, cobalt, and copper which are necessary to produce electric batteries.
He also expressed confidence in the Philippines’ major asset which is its young, skilled, and educated workforce and likewise noted the importance of providing scholarships, upskilling, and reskilling to ensure they are equipped with the necessary skills for success.
“To adjust in the different ways of doing business and that is one of the greatest assets actually that we have in the Philippines, this workforce. The key to take the full advantage of that workforce is for the skills… to get them [workers] to acquire the skills that are necessary for cyber security, digital banking, digital transfers of money and of course AI,” he added.
Marcos’ two-day trip to Vietnam marks his first state visit this year which aims to strengthen bilateral relationship through maritime cooperation and trade and investment relations. – avds