VinFast, an electric vehicle (EV) producer, has commenced construction works on a battery manufacturing plant in the central province of Ha Tinh, Vietnam, to power the country’s sustainable transportation. The factory will be developed in two phases with the firm announcing a planned investment of around USD173.7 million to finance the first phase. The second phase will involve expanding production to include battery cells and battery packs. Timeline regarding the completion of the project hasn’t been disclosed yet.
Once operational, the EV factory is expected to have the capacity to annually produce approximately 1,00,000 lithium battery packs.
VinFast is also undergoing a restructuring process in preparation for its initial public offering (IPO) in the United States (US) scheduled during the second part of 2022. Vingroup’s 51.52 per cent share in the company will be transferred to a Singapore-based subsidiary. The firm is expected to be worth USD25 billion to USD60 billion after the IPO.