After much speculation and rumors, Vietnamese carmaker VinFast has announced its arrival in the Philippine market this year. At the current state visit of President Marcos in Vietnam, the latter met with officials from VinFast who announced their intent to open not only car dealerships, but invest in battery EV production in our country.
While the brand may sound like an offshoot of the Fast & Furious franchise, VinFast is part of the Vingroup, Vietnam’s largest conglomerate. VinFast has every intention of becoming a global car brand, and it has already started sales in North America. Its website also says it has operations in Europe, as well as an R&D center in Australia.
VinFast’s lineup is now completely electric. This is good timing since our market now has the EVIDA law that allows EVs sold here to be exempt from excise tax. This was highlighted by Department of Trade and Industry secretary Alfredo Pascual, who was with the Philippine government contingent in Vietnam.
“The Philippines welcomes investments in the EV sector as we position the country as a hub for smart and sustainability-driven manufacturing and services industries in Southeast Asia. Hence, we encourage you to explore other investment opportunities besides EV sales and dealerships,” Pascual said in a statement.
VinFast is set to open its dealership business here by April 2024. No word yet on which models will arrive or pricing.
The Vietnamese car brand enters a competitive Philippine market, which saw the introduction of several Chinese marques in the span of a few years. Being an EV-only brand will also come with its own challenges, due to the nascent nature of our EV infrastructure. And initial reviews of its products haven’t exactly been glowing.
Let’s see what the newest player on the block has to offer when it finally arrives this year.
