VinFast signs LG Chem battery deal

Monday, Sep 10, 2018 08:18

Deputy CEO of Vingroup Vo Quang Hue and Chairman of LG CHEM’s Energy Solution Unit Jong Hyun Kim sign the co-operation agreement in Ha Noi on Friday. — Photo Vingroup

Vingroup is teaming up with a South Korean company to produce batteries for all their electric products like cars, scooters, buses and smartphones.

The VinFast Trading and Production Company Ltd will co-operate with LG Chem Company Ltd, a member of South Korea’s LG Corporation.

The partnership was signed in Ha Noi on Friday.

LG Chem produces many battery technologies, including lithium-ion batteries and solar batteries. With this partnership agreement, the two companies will work closely together to produce products that meet international standards and environment-friendly criteria.

The partnership between VinFast and LG Chem reaffirms its commitment to producing electric vehicles with maximum battery performance, but at reasonable prices for Vietnamese consumers.

It is part of the plan to help VinFast and other Vingroup’s subsidiaries gradually increase localisation rates in technological and industrial products that use batteries.

The collaboration will be located in VinFast’s Supplier Park in the northern port city of Hai Phong.

At first, VinFast will be responsible for the construction and production lines of the plant to ensure it is ready for operation in the second quarter of next year. LG Chem will provide the required technologies for manufacturing batteries and train employees at VinFast’s plant complex.

Deputy CEO of Vingroup Vo Quang Hue said the partnership was an important first step for VinFast in particular, and Vingroup in general, to get a grasp of the global advanced technologies in order to produce premium products and contribute to the development of Viet Nam’s supporting industry. — VNS

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