VinFast (VIC) Signs 13 Philippine Dealers, Targets 60 Showrooms by 2026

Overview

VinFast, the electric vehicle subsidiary of Vingroup (VIC, HOSE), announced on 11 September 2026 the signing of a strategic Memorandum of Understanding with 13 Philippine dealer partners to develop 27 new showrooms nationwide. The agreements support the brand’s stated target of 60 dealerships in the Philippines during 2026 and mark a further step in Vingroup’s overseas EV distribution build-out.

Key Facts

• MOU signed on 11 September 2026 with 13 Philippine dealer partners.
• 27 new VinFast showrooms planned across Luzon, Visayas and Mindanao.
• Target of 60 total dealerships in the Philippines by 2026.
• Network to reinforce presence in Metro Manila and Cebu, and extend to Cagayan de Oro, Tacloban and Subic Bay.
• Named partners include Elite North Auto Cars Inc., MG Gateway Mantrade Corp., Grand Canyon Multi Holdings Inc., Britannica United Motors Incorporated and VF Auto Sto Tomas Inc.
• VIC closed at VND 243,300 on 11 September 2026.
• The announcement does not disclose investment value, expected sales volumes or a construction timetable.

What Happened

According to the company announcement, VinFast signed the MOU with 13 local dealer groups that already operate in Philippine automotive distribution. The partners named in the release include Elite North Auto Cars Inc., MG Gateway Mantrade Corp., Grand Canyon Multi Holdings Inc., Britannica United Motors Incorporated, VF Auto Sto Tomas Inc., GR8 Marketing Motors Inc., ARCMA Motors Corporation, Autonomics Motor Corp., Gershom Car Trading Corp., Areza Motor Sales Inc., Central Auto Resources Inc., Autolink Global Motors Inc. and Greenport Mobility Inc.

The 27 showrooms are to be spread across the Philippines’ three main geographic regions: Luzon in the north, Visayas in the centre and Mindanao in the south. VinFast said the network will deepen coverage in major urban centres such as Metro Manila and Cebu while opening new territories including Cagayan de Oro, Tacloban and Subic Bay. The company framed the partner selection around local market knowledge, operating capability and a shared orientation toward green mobility. No capital commitment, sales target or opening schedule was disclosed in the release.

Market Context

Vingroup (VIC) trades on the HOSE and closed at VND 243,300 on 11 September 2026, the same day as the announcement. VIC sits in the real estate sector but carries consolidated exposure to VinFast’s EV manufacturing and distribution operations, which remain loss-making and capital-intensive. The Philippine expansion follows a broader pattern of VinFast announcements in Southeast Asia, including a reported 20,000-plus EV sales month in August 2026 and plans for new model launches in the final four months of the year. The dealer-franchise approach contrasts with VinFast’s earlier company-owned showroom strategy in some markets.

Strategic Significance

The MOU matters less for its immediate revenue contribution than for what it says about VinFast’s distribution model. By signing 13 established Philippine dealer groups rather than funding showrooms directly, VinFast shifts fixed costs and local execution risk to partners while retaining brand and product control. If the 60-dealer target is met, the Philippines becomes a test of whether VinFast can scale in a right-hand-drive, import-dependent market where Chinese and Japanese EV and hybrid brands are already competing aggressively. For VIC holders, the key question is whether overseas volume growth can narrow VinFast’s losses without further capital injections from the parent.

What to Watch

• Confirmation of binding agreements converting the MOU into signed dealer contracts.
• The pace of showroom openings against the 60-dealer 2026 target.
• VinFast’s Q3 2026 delivery and loss figures, particularly any Philippines volume disclosure.
• Any Vingroup capital commitment or guarantee tied to the Philippine network.
• Philippine EV import tariff and incentive policy changes affecting pricing.