Vingroup to build $387m battery cell plant in central Vietnam

Photo: Reuters

Vietnam’s biggest conglomerate Vingroup will start construction on a $387 million battery cell plant for its auto arm VinFast electric vehicles (EVs) in central province of Ha Tinh this year, local authorities said on Wednesday.

The plant, which has a capacity of 5 gigawatt hours (GWh) per year, will be on a 31.1-acre (12.6 hectare) plot, according Ha Tinh authorities.

“From the fourth quarter of 2021 to third quarter next year, the plant will be set up and operate at capacity of 3 GWh per year,” the Ha Tinh authorities said in a statement.

“It will be fully installed and run at full capacity from 2025,” the statement added.

Vingroup spokesman confirmed the plan of establishing a battery cell plant for EVs in Ha Tinh province without elaborating.

Reuters reported in April the company was looking to establish a second VinFast automobile plant in the same region as the battery plant.

VinFast became Vietnam’s first fully fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019.

The company, which some have called “Vietnam’s answer to Tesla”, will debut in the U.S. and Europe markets next year with two battery electric SUVs models, the midsized VF e35 and the seven-seater VF e36.

VinFast is working with a variety of partners including StoreDot, Gotion High-Tech, ProLogium for batteries, and also focuses on internal R&D and establishes research facilities to develop battery and charging technologies, the company said earlier in an emailed statement to Reuters.

The company has targeted global EV sales next year of 15,000 vehicles, down from its prior goal of 56,000 due to the global semiconductor chip shortage.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.