VOV.VN - VinES Energy Solutions Joint Stock Company, an affiliate of Vingroup – the largest private conglomerate in Vietnam, has decided to pour VND6,329 billion into a Lithium Iron Phosphate (LFP) battery factory in Ha Tinh province.
VinES’ investment plan has been approved by the Ha Tinh Economic Zone Management Board.
The factory will be built on an area of more than 14ha in Vung Ang economic zone. The project will have a total investment capital of VND6,329 billion, including VND2,405 billion sourced from VinES and the remainder from stakeholders.
The facility is designed to produce approximately 30 million LFP rechargeable battery cells mainly used for electric cars batteries and energy storage systems (ESS).
The production line is expected to churn out first commercial products in the third quarter of 2024.
In December 2021, Vingroup broke ground for the first VinES Battery Factory in Vung Ang Economic Zone. In the first phase, the factory is being on an area of 8ha with a total investment of VND4,000 billion.
The factory is designed to supply LFP batteries to electric cars and electric buses of VinFast.