VinES Energy Solutions, a subsidiary of Vingroup Joint Stock Company, and Gotion High-Tech, have commenced construction work on a USD275 million battery plant located in the Vung Ang Economic Zone in Vietnam.
The factory is expected to produce around 30 million lithium iron phosphate (LFP) battery cells every year which will be used for electric vehicle (EV) batteries and energy storage systems. Production is scheduled to commence in Q3 of 2023 and EV batteries produced will be supplied to VinFast, the EV unit of Vingroup.