The original ALMA Phasing Project (APP) developed the hardware and software necessary to coherently phase the ALMA array and record the resulting phased sum signal in Very Long Baseline Interferometry (VLBI) Data Exchange (VDIF) format. Since 2017, these developments have allowed ALMA to operate as a highly sensitive millimeter VLBI station and have resulted in an enormous leap in capabilities for global VLBI networks operating at millimeter wavelengths. Phased ALMA has already played a key role in a series of scientific "firsts", including the first event horizon scale images of a supermassive black hole, the first unscattered image of the source structure of SgrA* at 3mm, and the first detection of radio pulsar emission with ALMA. To expand the scientific breadth of ALMA's VLBI capabilities even further, the ALMA Phasing Project 'Phase 2' (APP2) is currently implementing a series of extensions and enhancements to the original ALMA Phasing System. This talk will provide a brief overview of ongoing APP2 developments, followed by a discussion of new and improved VLBI capabilities that could be enabled by a next-generation ALMA correlator.