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Manila Bulletin devider Drive devider Vietnamese EV brand, VinFast, formally launches in the Philippines

Vietnamese EV brand, VinFast, formally launches in the Philippines

Published Jun 5, 2024 10:21 am

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After its entry into the US Market, emerging Vietnamese electric vehicle manufacturer, VinFast, is continuing its market expansion in the Southeast Asian region. At a brand launch event held in Mall of Asia in Pasay City, VinFast officially entered the Philippine market by signing cooperation contracts with four prominent dealers. The company sees the Philippine’s infantile EV market as a strong contender for sales, despite the lack of a solid EV infrastructure.

Who is Vinfast?

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But who exactly is VinFast? Vingroup, the parent company of VinFast, has grown over the past three decades to become Vietnam's largest private conglomerate and a prominent economic entity in the region. The company operates under three core pillars: Technology & Industry, Trade & Services, and Social Enterprise. Its mission is to "create a better life for everyone" by introducing products and services that meet global standards and enhance the quality of life.

VinFast, a pivotal brand in Vingroup's global expansion strategy, was founded in 2017 and established a top-notch automotive and electric motorcycle manufacturing complex in Hai Phong, Vietnam. VinFast's mission is to "create a sustainable future for everyone" and it has quickly become a leader in the electric vehicle industry. The company has introduced seven electric car models and an electric pickup truck concept, positioning itself as one of the first automakers to transition to electric vehicles by the end of 2022. Vingroup's commitment to sustainability is evident in various aspects of its operations.

Vinfast Philippines

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VinFast Philippines was set up in just mere months, with the first members of the Filipino team having joined the company in February of this year. In just three months, they have already partnered with four dealer partners and are working to sign on more. The first four that have signed up with VinFast are EV Solutions, K1 Prestige Bay Motors Inc., Autoflare Corporation, and MNV Auto Group Inc. These partnerships will pave the way for the first VinFast showrooms in Manila, set to open by the end of June 2024. 

The cars

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VinFast's flagship models that are confirmed for the Philippines include the VF 5 crossover, the VF e34 compact crossover, the VF 7 SUV, and the VF 9 premium SUV. No pricing has been announced, and a Vietnamese executive from their Hanoi HQ has mentioned that they are still conducting studies as to their market positioning. Despite that, the first batch of cars is already expected to be delivered to customers by the third quarter of this year. Additionally, the company is exploring the potential for electric motorbikes and electric bicycles, aiming to offer a wider range of electric mobility solutions.

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The motoring media were given very short seat time in the featured models during the launch event. We were able to try VF e34, the VF5, and the VF7. And while the product catalog reads of very interesting, tech-laden vehicles, a more thorough test is needed to see just how well the cars are built and how well VinFast’s tech holds up against other EV marques, and traditional cars, in our country.

Unique retail model

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To make electric vehicles more accessible, VinFast will offer both traditional car purchases with batteries and a unique battery subscription policy. This subscription model is designed to lower the initial cost of owning an electric vehicle, making it more affordable for the average Filipino consumer. Moreover, VinFast's after-sales policy sets a new standard in the market by offering a comprehensive 7-10 year warranty on vehicles. For those opting for the battery subscription, VinFast provides a free battery replacement and maintenance program if the battery capacity drops below 70%. This initiative aims to give customers peace of mind and ensure a hassle-free ownership experience.

VinFast has ambitious plans for the Philippine market, with intentions to open dozens of dealerships across the country in 2024. 

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The CEO of VinFast Philippines, Ms. Nguyen Thi Minh Ngoc, emphasized the importance of partnerships, stating, "By partnering with trusted and experienced automotive companies, VinFast is committed to delivering smart and convenient electric mobility solutions to Filipino consumers as soon as possible, offering them peace of mind. This collaboration represents a significant step forward in establishing VinFast's presence and laying a strong foundation for our long-term growth in the Philippines. We are also dedicated to expanding our electric vehicle dealership network across major cities, actively contributing to the global shift towards green transportation."

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Rafael Vincente R. Calinisan, representing EV Solutions, expressed his enthusiasm, stating, "It's an honor to be among the first VinFast dealerships driving the EV revolution in the Philippines. We're impressed by VinFast's strong market potential, thanks to their variety of vehicles and industry-leading warranty. Together, we'll meet the growing Filipino demand for EVs and build a greener, smarter transportation future for the country." 

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VinFast's entry into the Philippine market is part of a broader strategy to expand globally in 2024. The company is aggressively pushing for progress in international markets, including the United States, Canada, various European countries, as well as Asian markets such as India, Indonesia, and Thailand.

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