Philippine Economic Zone Authority (PEZA) director general Tereso Panga is luring Vietnamese firms to invest in the country’s ecozones, given that the Philippines takes pride in its growing domestic market, location, young workforce, and access to key economic powerhouse nations and regions, the United States and the European Union.
Last week, Vietnamese President Tô Lâm visited the Philippines, which makes Panga optimistic that Vietnamese investments will further expand in the country, particularly within PEZA-registered economic zones.
The visit, which elevated Philippines-Vietnam relations to a comprehensive strategic partnership, is expected to open new avenues for trade, investment, and industrial collaboration between the two countries.
Panga said PEZA is well-positioned to attract more Vietnamese companies seeking to expand their presence in ASEAN and global markets.
According to DG Panga, “The upgraded partnership opens new opportunities for Philippine and Vietnamese businesses to collaborate, integrate into regional supply chains, and strengthen their presence across ASEAN and global markets. PEZA is well-positioned to support this growing economic engagement by providing Vietnamese investors with a competitive, investment-ready environment for regional expansion.”
“Following the recent entry of two major Indonesian automotive companies into the ecozones, we expect more Vietnamese manufacturing firms to consider locating in Philippine ecozones to take advantage of our growing domestic market, strategic location, skilled workforce, and preferential access to key destinations such as the United States and the European Union,” he added.
Vietnamese presence
To recall, PEZA, in April, welcomed Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam to the Philippines, His Excellency Dr. Lai Thai Binh, and other officials from the Vietnam Embassy to explore bilateral trade and investment cooperation within the ecozones.
The officials also discussed the possibility of organizing an inbound delegation to the Philippines comprised of Vietnamese companies, including VinFast Auto Ltd., to explore expansion opportunities in the Philippines and the ecozones.
Part of the biggest Vietnamese private conglomerate Vingroup, VinFast is the first Vietnamese car brand to expand into global markets as well as the first to expand into producing electric vehicles such as electric cars and electric scooters.
The entry of VinFast into ecozones would complement PEZA’s ongoing initiatives to attract investments in electric vehicle manufacturing, battery assembly, automotive electronics, charging infrastructure, and other sustainable mobility technologies.
