Vietnam’s VinES set to bring BESS solutions to Australia via new partner Magellan
Vietnamese firm VinES Energy Solutions and Australia’s Magellan Power announced Monday their signing of a memorandum of understanding outlining their strategic cooperation in commercial supply and service offering of battery energy storage systems (BESS) in the Australian market.
The non-binding MoU sets forth such key cooperation areas of evaluating and supplying BESS products and services from VinES into the Australian market through establishing commercial relations with Magellan, and considering strategic investment and cooperation opportunities in manufacturing and supplying BESS in Australia.

VinES and Magellan Power look to a new slice in the Australian market of battery energy storage systems. Photo courtesy of VinES.
As an established local player since 1991, Magellan is planning on constructing the first BESS factory producing battery packs and racks located in Western Australia, the firm said.
In the short run, VinES and Magellan are looking into supplying the former’s BESS solutions to integrate with the latter’s power conversion system (PCS) to offer to the Australian market.
“This cooperation will lay solid stepping stones for VinES BESS to penetrate the high-profile market of Australia, which also demonstrates our capability to offer high-quality products and services that meet the stringent requirements of reputable international developers,” VinES CEO Pham Thuy Linh said in the joint announcement.
VinES, a member of Vietnam’s largest private conglomerate Vingroup, is a clean energy solution provider and the only BESS manufacturer in the country to date.
VinES had earlier started to cooperate with Marubeni Green Power Vietnam to promote the adoption of BESS in the nation, and cooperated with Altinay Elektromobilite to provide comprehensive energy storage solutions to the Turkish energy market.
In November 2022, VinES and China-based Gotion High-Tech started construction of their $275 million battery factory in Vietnam. Covering 14 hectares in Ha Tinh’s Vung Ang Economic Zone, the new factory is set to start production in the third quarter of 2023. The factory is designed to annually produce 30 million lithium iron phosphate (LFP) battery cells.
This May, Thailand-headquartered Pan Asia Metals and VinES signed a non-binding MoU to conduct a feasibility study for a lithium conversion factory.
The duo said in a joint release that they would establish a team to conduct the study for a factory near the VinES battery plant also in Ha Tinh, with an initial capacity of 20,000-25,000 tons per annum. Pan Asia Metals’ main role is to secure lithium concessions and lithium oxide concentrate to supply the project.
Vietnam has already joined Asia’s plans to increase the development of BESS to ensure supplies of round-the-clock renewable energy towards carbon neutrality.
- Read More
S Korea chaebol Lotte eyes hypermarket in northern Vietnam
South Korean conglomerate Lotte is eyeing projects in Thai Nguyen province, an industrial hub in northern Vietnam, firstly a hypermarket.
Industries - Thu, March 27, 2025 | 12:15 pm GMT+7
Dubai-based PDSI eyes $2.6 bln investment in tourism-golf course project in central Vietnam
PDSI Group, a Dubai-based real estate and consulting firm, has expressed interest in developing a $2.6 billion commercial, tourism, and golf course complex in Binh Thuan, a south-central coastal province of Vietnam.
Real Estate - Thu, March 27, 2025 | 11:38 am GMT+7
S Korea's SK set to divest from Vietnam's giant Vingroup
South Korean chaebol SK Group is set to divest from Vietnamese conglomerate Vingroup, according to the former’s annual report 2024.
Companies - Thu, March 27, 2025 | 11:30 am GMT+7
StanChart adjusts USD/VND exchange rate forecast amid changing economic trends
Standard Chartered Bank has adjusted its USD/VND exchange rate forecast, reflecting shifts in global and regional economic conditions.
Economy - Thu, March 27, 2025 | 9:29 am GMT+7
Fund inflows help stabilize Vietnam's stock market: analyst
As fund inflows are typically long-term investments, they play a key role in stabilizing Vietnam's stock market and preventing sharp fluctuations, according to Nguyen Duy Anh, Chartered Financial Analyst (CFA) at Vietcombank Fund Management Co., Ltd. (VCBF).
Finance - Thu, March 27, 2025 | 8:30 am GMT+7
VSIP begins work on industrial park project in northern Vietnam province Thai Binh
Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh commenced on Wednesday in northern Vietnam, with the witness of Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong.
Industrial real estate - Wed, March 26, 2025 | 10:41 pm GMT+7
Vingroup starts building mega urban project in Vietnam's Mekong Delta
Vietnam’s leading private conglomerate Vingroup on Wednesday embarked on construction of the VND28 trillion ($1.1 billion) Vinhomes Green City, the first mixed-use urban development in its ecosystem in the Mekong Delta province of Long An.
Real Estate - Wed, March 26, 2025 | 10:11 pm GMT+7
Indonesia, China cooperate in digital technology
Indonesia and China are expanding cooperation in the field of AI to promote digital transformation, especially in the fields of agriculture and smart cities.
Southeast Asia - Wed, March 26, 2025 | 10:01 pm GMT+7
Indonesia decides to join BRICS New Development Bank
Indonesian President Prabowo Subianto has announced the Government's decision to become a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.
Southeast Asia - Wed, March 26, 2025 | 9:57 pm GMT+7
Major Vietnamese broker SHS to double charter capital
Saigon-Hanoi Securities Corporation (SHS) plans to issue 894 million shares to increase its charter capital from VND8.13 trillion to VND17.07 trillion ($667.6 million), making it one of the top three securities firms in term of charter capital.
Companies - Wed, March 26, 2025 | 8:30 pm GMT+7
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam
Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.
Industries - Wed, March 26, 2025 | 5:18 pm GMT+7
Danish toymaker Lego to open $1.3 bln Vietnam plant next month
Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.
Industries - Wed, March 26, 2025 | 4:18 pm GMT+7
Top Singaporean firms earn high incomes in Vietnam
Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.
Companies - Wed, March 26, 2025 | 3:45 pm GMT+7
Vietnam, Singapore ink significant deals in Hanoi
Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.
Economy - Wed, March 26, 2025 | 2:51 pm GMT+7
Vietnam's major policies are reshaping economic development
Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Wed, March 26, 2025 | 12:11 pm GMT+7
PM okays over $10 bln urban area project in central Vietnam
The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.
Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7