VinES Energy Solutions Joint Stock Company (a member of Vingroup) and Gotion Inc.（a wholly owned subsidiary of Gotion High-Tech), held the groundbreaking ceremony for their LFP battery cell factory in Vung Ang Economic Zone (Ha Tinh). The project has a total investment of more than VND 6,329 billion (US$275 million), a scale of 14 hectares (34.5 acres) with a design capacity of 5GWh/year, equivalent of approximately 30 million battery cells per year. (Earlier post.)

The joint venture LFP battery cell factory will fulfill the needs of VinFast’s electric vehicles (EVs) that require LFP batteries and ESS products developed by VinES. In the later phase, VinES and Gotion will research and expand the project according to the market’s development opportunities and potential.

The facility will be the first LFP battery plant in Vietnam and will begin mass production in the third quarter of 2024 and is expected to create approximately 500 new jobs for the local community.

This is an important part in Vingroup’s “3-prong” battery strategy: (1) Buying batteries from the world’s best manufacturers; (2) Cooperating with partners to produce the world’s best batteries; and (3) In-house battery production research and development.