Vingroup subsidiary to build second EV battery plant
VinES Energy Solution JSC, a member of Vietnam’s largest private conglomerate Vingroup, plans to start work on its second electric vehicle battery plant in Ha Tinh province later this year.
The Vung Ang Economic Zone Management Board in the central province is appraising the VND6.33 trillion ($271.5 million) project, with construction scheduled to happen between Q4/2022 and Q4/2023.
The plant is set to begin operation in Q1/2024 and have its output increased in Q3/2024 prior to beginning mass production.
The project is a joint venture between VinES and Gotion Inc., a subsidiary of China-based green energy firm Gotion High Tech. VinES will hold a 49% stake in the venture, while Gotion Inc. the rest.
The project is designed to produce lithium iron phosphate battery for electric cars and energy storage systems on 14 hectares of land and has a designed output of 5 GWh per year.
Logo of VinFast on a car made by the electric vehicle startup. Photo courtesy of Vingroup.
In December 2021, VinES had begun construction of its first EV battery factory, worth over VND4 trillion ($172.41 million), also in the Vung Ang Economic Zone.
The factory will supply lithium ion batteries for electric cars and buses made by VinFast, another Vingroup subsidiary. As of late June 2022, 95% of the work had been completed.
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