HANOI, VIETNAM - President Ferdinand Marcos Jr. announced Vingroup's intention to enter the Philippines, sparking enthusiasm and potential economic opportunities.

The Vietnamese conglomerate, known for its diverse portfolio spanning technology, industry, and trade, specifically expressed interest in two key areas: battery manufacturing and electric vehicles (EVs).

"We had a meeting with Vingroup," the President said during his meeting with the Filipino Community here in Vietnam Monday evening.

"They are interested in manufacturing batteries, which is the most crucial technology today, and also bringing electric vehicles into the country," Marcos added.

The President clarified that the corporation, with a market capitalization of $21.1 billion as of April 2023 through its subsidiary VinFast, intends to initiate battery production in the Philippines. Additionally, it aims to introduce its electric vehicles (EVs) for testing in the Philippine market.

VinFast, valued at $15 billion, plans to sell and launch its products in the Philippines through dealership operations by April 2024.

Marcos mentioned that Secretary Alfredo Pascual of the Department of Trade and Industry (DTI), accompanying him in Vietnam, is finalizing this initiative's specifics.

Marcos Jr. has been actively promoting the advancement of the renewable energy sector in the Philippines, emphasizing the need to mitigate the impact of climate change, especially in coastal nations like the Philippines.

In the previous year, Marcos Jr. acknowledged the sluggish progress in the country's transition to renewable energy, attributing it to the insufficient infrastructure. Despite this, he conveyed to fellow members of the Asia-Pacific Economic Cooperation (APEC) that he envisions half of the Philippines to be powered by renewable energy sources by the year 2040.