Vietnam's Vingroup to build $387 million cell plant for its EV brand

2021-10-21 07:58:54

Vanfast, Vingroup's electric vehicle unit. ©Vanfast

Asian Tech Press (Oct 21) -- Vingroup JSC (VIC), the largest conglomerate in Vietnam, is scheduled to build a $387 million battery cell factory for its electric vehicle unit VinFast in Ha Tinh by 2021, the local government announced on Wednesday.

The new battery plant, with an annual capacity of 5 gigawatt hours (GWh), will be built on a 31.1-acre (12.6 hectare) plot, according to Ha Tinh authorities.

The plant is expected to start production with an annual capacity of 3 GWh after hardware and software are put in place from the fourth quarter of 2021 to the third quarter of 2022. And it will be operating at full capacity by 2025.

VinFast EV battery Vingroup Vietnam Investment

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