Asia Tech Wire (Jan 30) -- Vietnamese electric car maker VinFast will invest in the Philippines this year.

Philippine President Ferdinand Marcos Jr. said Vingroup JSC (VIC), the parent company of VinFast, has proposed to invest in the Philippines, especially in electric vehicle battery production, according to a statement by the Office of the President of the Philippines on Monday.

Marcos said the Philippines can support EV battery production because of the country's good reserves of nickel, cobalt and copper.

Vingroup said in a statement that the Philippines is a "top priority market" for its global expansion strategy, and that VinFast will establish a network of EV and motorcycle dealerships in the country this year.