Vingroup, the Vietnamese conglomerate known for electric vehicle (EV) brand VinFast, plans to invest $500 million in a flagship EV manufacturing plant in the Philippines

In a statement on Wednesday, the Philippines’s Department of Trade and Industry (DTI) said the factory can become the base for a broader expansion into multiple industries in the country.

The plant can initially to produce 200,000 vehicles a year for domestic and export markets. Construction is targeted to begin in the first quarter of 2027 and take 1-1.5 years.

Vingroup’s factory plans build on its existing operations in Jakarta and India. In addition to four-wheeled electric vehicles, it aims to introduce electric scooters to the Philippine market.

The DTI said available incentives include tax benefits under the CREATE MORE Act and expedited regulatory processing through Green Lanes under Executive Order No. 18.

Trade Secretary Cristina Roque said the investment reflects the Philippines’ growing status as a Southeast Asian hub for advanced manufacturing and green technology. The department is ready to provide end-to-end support to investors, the secretary added.

The department said the project would support the country’s industrial modernization and clean energy transition, combining government support with Vingroup’s long-term plans.

VinFast, the electric vehicle (EV) maker under Vietnamese conglomerate Vingroup, reported unaudited second-quarter 2026 revenue of VND30,340.9 billion ($1.2 billion), up 85 percent from a year earlier.

Its loss from continuing operations widened 128 percent to VND31,189.2 billion ($1.2 billion.) The total net loss reached VND1,414.9 billion, after a gain from discontinued operations.

VinFast revenue rises 85% to $1.2B in Q2/2026, loss widens to $1.2B