Southeast Asia's richest man's Vingroup eyes $500M EV factory in Philippines
Vingroup, controlled by Southeast Asia’s richest man Pham Nhat Vuong, is considering building a US$500 million electric vehicle plant in the Philippines, according to that country’s Department of Trade and Industry.
Southeast Asia's wealthiest individual, Vingroup CEO Ng Heung-kwang, is planning to construct a $500 million electric vehicle (EV) manufacturing facility in the Philippines. The Vietnamese conglomerate held preliminary discussions with Philippine government officials, who have pledged support through tax incentives and expedited administrative procedures.
Construction is anticipated to commence in the first quarter of next year, with an estimated 18-month timeline for completion. The state-of-the-art plant will boast a production capacity of around 200,000 vehicles annually, catering to both local and international markets. The government's primary objective is to generate employment opportunities, a promise Vingroup has acknowledged while awaiting further details.
Vingroup entered the Philippine market through its subsidiary VinFast in May 2024, offering electric vehicles for sale. Green SM, a ride-hailing platform founded by Vuong, has been operating in the Philippines since June of the previous year. Vingroup already operates EV factories in Indonesia and India, each with a combined annual production capacity of 100,000 cars.
In the first half of the current year, VinFast's revenues surged to nearly VND53.2 trillion ($2.1 billion), marking a 61% year-on-year increase. The company delivered 128,685 electric vehicles globally, a 77% year-on-year growth, but unfortunately reported an after-tax loss of nearly VND28.4 trillion, a decrease from a previous year's loss exceeding VND38.3 trillion.
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