Vietnamese conglomerate Vingroup is considering establishing a manufacturing hub in the Philippines, while Singapore’s Keppel has joined Vietnam’s International Financial Centre.
Vingroup mulls $500m PH manufacturing hub
Vingroup, the Vietnamese conglomerate that controls electric vehicle maker VinFast, plans to invest more than $500 million to establish a manufacturing hub in the Philippines, according to an announcement.
The construction for the manufacturing hub is expected to begin in the first quarter of next year. Development is expected to take 12 to 18 months.
The facility is initially expected to produce 200,000 vehicles annually for domestic and export markets, while VinFast also plans to introduce electric scooters in the country.
Philippine Trade Secretary Cristina Roque said the government would facilitate the investment, citing the country’s potential as a destination for advanced manufacturing and green technology.
The proposed project comes as the Philippines seeks to strengthen its automotive manufacturing industry, which has seen several major foreign automakers discontinue local vehicle production in recent years.
Keppel joins Vietnam’s International Financial Centre
Singapore-based Keppel Ltd. has joined Vietnam’s International Financial Centre as an inaugural member and is exploring investment platforms that could mobilise up to $1 billion for real estate opportunities in the country.
The proposed platforms would facilitate co-investments with global partners, with funding expected to comprise mainly third-party capital, subject to market conditions, investment opportunities and partner participation, Keppel said.
Vietnam’s financial centre said that its first 10 members are expected to mobilise and invest about $2.7 billion in Ho Chi Minh City through 2027. The initial members include holding companies linked to Keppel Asset Management, AG&P LNG and VinaCapital International Partners.
Keppel, which entered Vietnam about four decades ago, has 30 projects in the country with total registered capital exceeding S$5 billion, making it one of the country’s largest foreign real estate investors, the company said.
The group operates across real estate, infrastructure and connectivity, with a presence in more than 20 countries.
