Vingroup’s VinES Energy Solutions Joint Stock Company and Cavico Lao Mining Company (a member of Cavico Vietnam) early this week signed a memorandum of understanding (MoU) on the supply of Nickel raw materials for the production lithium batteries.

Under the MoU, Cavico Lao Mining will ensure a long-term supply and meet the demand for Nickel for VinES for a minimum period of five years.

In addition to producing batteries for VinFast electric vehicles, VinES is doing research and manufacturing energy storage systems (ESS) for industrial use.

Currently, VinES has two factories producing battery cells and battery packs in the northern port city of Hai Phong and Vingroup is expected to put into operation another factory with a capacity of 100,000 battery packs per year in central Ha Tinh Province.

Pham Thuy Linh, general director of VinES Energy Solutions JSC, said that the electric vehicle market is growing at a high rate on a global scale, leading to rising demand for batteries. This cooperation will improve the production capacity and develop the battery lines for electric vehicles and energy storage devices that the business is deploying.

Bui Quang Ha, chairman of the Board of Directors of Cavico Lao Mining Company, also highly appreciated Vingroup’s strategy of building an electric car brand that is “made in Vietnam”.

“As a domestic enterprise, we look forward to contributing to that great goal through our partnership with VinES to secure the supply for battery production – the most important part of electric cars,” said Ha. — VNS