VinFast is gearing up to reaffirm its commitment to the Philippine market with a strong presence at the 12th Philippine Electric Vehicle Summit (PEVS) set to run from October 24 to 26, 2024. The event will see the launch of the VF 7, the latest addition to the brand’s growing electric vehicle (EV) lineup, on the summit’s opening day. VinFast’s participation in the event not only underscores its intent to expand its footprint in the EV sector but also highlights its drive to boost brand visibility and engage directly with customers through its newest offerings.
The 12th Philippine EV Summit (PEVS) returns this year with a resounding call to action: “Spark Change, Drive Electric.” From October 24 to 26, 2024, this event will gather industry players, policymakers, and innovators to champion electric mobility and drive the nation towards a cleaner, low-carbon future. Among the key participants is VinFast, the Nasdaq-listed Vietnamese EV maker making strides across Southeast Asia.
A highlight of VinFast’s participation will be the official launch of the VF 7, the latest addition to its growing lineup of EVs. The VF 7, with its modern design and cutting-edge technology, aims to provide Filipino consumers with a mix of performance and sustainability. Targeted at young executives and starter families, the VF 7 is ideal for those seeking an EV that reflects style, practicality, and eco-consciousness, making it a versatile option for a wide range of drivers.
VinFast’s presence at this year’s PEVS isn’t just a routine exhibition stop; it’s a critical part of the company’s strategy to establish a foothold in the Philippine electric vehicle market. As part of its engagement, Mr. Cao Ngoc (Daniel) Nguyen Duy, Chief Executive Officer of VinFast Philippines, will be a panelist in the discussion on “Increasing the Role of eMobility in ASEAN Sustainability and Industry Development,” happening on October 25, the second day of the summit. Additionally, Mr. Daniel will deliver a keynote speech on VinFast’s plans for “Electrification of Southeast Asia and Beyond,” highlighting the company’s vision for regional growth, also on the second day. This participation underscores VinFast’s expanding influence as a key player in the EV sector across the Philippines and Southeast Asia.
VinFast’s Strategic Market Penetration in the Philippines
While the Philippines has been slower in embracing EVs compared to its Southeast Asian neighbors, there has been a recent surge in interest, particularly following the enactment of the Electric Vehicle Industry Development Act (EVIDA). This law has catalyzed growth within the sector. As of 2023, EV sales in the Philippines hit 10,602 units, a significant jump from just 1,072 units the previous year.
But entering a market as new to EVs as the Philippines presents a unique set of challenges for VinFast. Filipino consumers are still relatively unfamiliar with EVs, and the transition from traditional gasoline-powered cars to EVs is gradual. For VinFast, there are two key objectives to tackle: first, to convince consumers of the quality of its vehicles, and second, to overcome any lingering skepticism about the viability of EVs in the Philippine market.
Since its launch, VinFast has taken significant steps to build trust. The company has introduced two of its most affordable models, the VF 5 and VF 3, and is rapidly expanding its physical dealership network across the country. With the launch of the VF 7 at the 12th EV Summit, it seeks to capture the attention of a broader audience, especially young professionals and families who prioritize sustainability and technology in their vehicle choices. Currently, with five dealerships already in place and more expected soon, these showrooms act as ambassadors for the brand, bringing the VinFast lineup directly to more Filipino customers.
This year’s PEVS offers VinFast a platform to reinforce its focus on direct consumer interaction. With test drives available for their VF 3, VF 5 and VF 7 models, VinFast is inviting attendees to experience the difference for themselves.
Studies show that hands-on experience like test drives are crucial for EV adoption. According to a survey by Plug In America, a U.S.-based nonprofit organization, concerns such as range anxiety, charging infrastructure, and cost tend to fade after consumers actually experience driving an EV. For many potential buyers, familiarity is the biggest barrier to switching to electric, and VinFast is addressing this head-on at PEVS by putting consumers behind the wheel.
Participation in the PEVS also serves as an opportunity to collect valuable feedback. Engaging directly with the Filipino public allows the company to gauge local preferences and tailor its offerings to suit the market’s specific needs.
A Demonstration of Commitment
There’s a Vietnamese saying, “Buôn có bạn, bán có phuong,” which roughly translates to “You need friends and companions when doing business.” This phrase rings especially true in a nascent EV industry. Events like the 12th PEVS brings together not only manufacturers but also policymakers, industry leaders, and potential subcontractors. This convergence offers valuable opportunities for VinFast to build alliances, explore new partnerships, and align its goals with the country’s broader sustainability ambitions.
VinFast’s participation in PEVS also aligns with the Philippine government’s push for greener transportation. In recent years, the government has introduced a range of incentives to encourage both the public and private sectors to adopt EVs, like the EVIDA. By being present at the summit, VinFast underscores its support for these initiatives and demonstrates its commitment to the Philippines’ sustainable development goals. It is positioning itself as a key player in the country’s low-carbon transition, not just by offering vehicles but by contributing to a larger movement aimed at reshaping the transportation landscape.
Moreover, VinFast’s presence at the summit is a clear signal that it plans to stay for the long haul, inspiring confidence in the public. The company’s involvement in this pivotal event, alongside its continued investment in expanding its local footprint, reflects its effort to lay the groundwork for a long-term stay in the Philippines.
As the 12th Philippine Electric Vehicle Summit approaches, all eyes will be on the brands that are shaping the future of mobility in the country. VinFast, with its ambitious plans and commitment to sustainability, is poised to make a lasting impression. Its participation in this year’s PEVS isn’t just another exhibition—it’s a strategic move that demonstrates its commitment to the market and desire to integrate into the EV ecosystem here.
