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Vingroup breaks ground on VND6-trillion EV battery plant

HCMC – VinES Energy Solution JSC, a unit of Vingroup, broke ground on the first phase of the lithium battery facility at the Vung Ang economic zone yesterday, November 18, according to the local media.

With an investment of over VND6 trillion, the project will cover over 14 hectares in the north-central province of Ha Tinh and aim to produce LFP (lithium iron phosphate) batteries mainly used for electric cars and energy storage systems.

The plant is expected to be put into operation in 2024 with a designed capacity of 5GWh a year, equivalent to 30 million lithium iron phosphate battery cells. Mass production will begin in the fourth quarter of 2024.

It plays a significant role in the “tripod” strategy to ensure the battery supply of Vingroup: buying batteries from the world’s best manufacturers, cooperating with partners to produce world-class batteries, as well as researching and developing its own batteries.

The plant also provides VinES power storage products, aiming to establish a clean energy ecosystem and reduce carbon dioxide emissions in Vietnam and worldwide, Nguyen Viet Quang, vice chairman and CEO of Vingroup JSC, said.

In December 2021, VinES Energy Solutions JSC started work on the first phase of a battery pack production plant in Ky Loi Commune, Ky Anh Town, Ha Tinh Province, with a total investment of VND4 trillion.

The project is expected to be put into operation in December this year.

With an area of over 22,000 hectares, the Vung Ang economic zone in Ha Tinh Province has been home to some 151 investment projects, with 94 of them domestic and 57 foreign-invested.

Among them, some large projects comprise Son Duong Port and Integrated Steel Mill Complex with a total cost of US$10 billion and Vung Ang I Thermal Power Plant with US$1.2 billion.

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