Vingroup to build $255-mln battery plant

By Duc Hung September 24, 2022 | 05:30 am PT

Part of Vung Ang Economic Zone in the central province of Ha Tinh, where Vingroup will build a lithium battery plant. Photo by VnExpress/Duc Hung

A Vingroup unit will invest over VND6 trillion ($255.3 million) in a lithium battery plant with an annual 5 Gigawatt hours (GWh) capacity in central Ha Tinh Province.

VinES Energy Solutions Joint Stock Company, a member of Vingroup - Vietnam’s biggest private conglomerate, has received the green light from provincial authorities to build the battery plant in Vung Ang Economic Zone in Ky Anh Town, Ha Tinh Economic Zone Management Board, which manages Vung Ang Economic Zone, said Saturday.

Covering an area of over 14 hectares, the plant will produce lithium ferro phosphate (LFP) battery cells used in electric automobiles and energy storage systems. The plant’s design capacity of 5 GWh a year means that it can annually churn out 30 million LFP battery cells.

The plant’s construction is expected to complete in the fourth quarter of 2023 or the first quarter of 2024, to commence mass production in the third quarter of 2024.

In December 2021, VinES Energy Solutions Joint Stock Company started construction of a battery factory with total investment of over VND4 trillion in Ky Anh Town. Construction of the factory’s workshops has already been completed, and equipment installation has just begun.

Provincial authorities plan to turn Vung Anh Economic Zone into a multi-functional economic center with pillars including metallurgy, energy, logistics and seaport services in the coming years.