VinFast signs agreements with first dealers in Philippines
Vietnamese EV maker VinFast on May 31 announced the signing of cooperation agreements with the first four Philippine dealers, paving the way for a strong retail network and solidly establishing the company's presence in the Southeast Asian country's electric vehicle market.
At the company's brand launch event held in Manila, VinFast officially signed cooperation contracts with the four dealers - EV Solutions, K1 Prestige Bay Motors Inc, and Autoflare Corporation, all headquartered in Manila; and MNV Auto Group Inc., headquartered in Iloilo city. The first VinFast showrooms are expected to open in Manila at the end of June 2024.
The dealers will start selling the VF 5, VF e34, VF 7, and VF 9 models as soon as they are launched in the market. The first cars are expected to be delivered to Philippine customers in the third quarter of this year.
VinFast is considering the introduction of the popular Vietnamese mini e-SUV and the VF 3 to the Philippine market. Additionally, the company is researching the potential for electric motorbikes and electric bicycles. To address the varying needs of Filipino consumers, VinFast will offer both car purchases with batteries and a unique battery subscription policy. This subscription option aims to lower the initial cost of electric vehicles, making them more accessible to Filipino consumers.
Furthermore, VinFast sets itself apart with a market-leading after-sales policy in the Philippines. This includes a 7-10 year warranty on vehicles. For those who choose the battery subscription policy, VinFast will offer a free battery replacement and maintenance programme if the battery capacity falls below 70%. This comprehensive plan provides peace of mind for Filipino customers throughout their ownership journey.
To accelerate the Philippine market entry, VinFast plans to open dozens of dealerships across the country in 2024. These stores will be strategically located on major roads in Manila and other key cities, catering to the Philippines' growing middle class and the increasing demand for electric vehicles.
The Philippines becomes the third Southeast Asian market VinFast has entered in the first half of 2024, following Indonesia and Thailand. This rapid expansion strengthens VinFast's position in the region and demonstrates the company's ability to quickly accelerate its presence.
In 2024, VinFast is making a strong push into international markets, including the US, Canada, Europe, as well as Asian countries like India, Indonesia, and Thailand. The company is also exploring the Middle East and African regions.
