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South Korean-Vietnamese joint-venture for battery production

VinFast's electric motorcycle manufacturing plant

The JV will produce batteries for VinFast’s electric scooters

Seoul-based LG Chem and Vietnamese automotive start-up VinFast Trading and Production announced on April 7 they will set up a company for the production of battery packs at VinFast’s Supplier Park.

As part of the joint-venture, both firms are initially looking to produce lithium-ion battery packs for VinFast’s electric scooters that are being made now and electric cars to be produced in the future at the subsidiary of Vingroup’s factory, which covers 12,000 square metres.

The Vietnamese side of the consortium will oversee the construction of warehouses and production lines, the employing of human resources and operating the plant, whilst its Korean counterpart will provide technical consultancy for the warehouses and equipment, supervise operations, train workers, and transfer technologies and designs.

As VinFast looks to localise the production of its electric vehicles and to contribute to the development of the support industry domestically, the newly found company will aim to provide premium products that meet international standards and environmental criteria.

LG Chem’s long-standing experience in the industry of lithium-ion battery production will help guarantee the usage efficiency of the EVs and ensure prices are suitable for the Vietnamese market.

“The partnership with LG Chem is one of the important steps to ensure that VinFast’s electric scooters and electric cars will use batteries with high usage efficiency at suitable prices. This will also be an important beginning step in building a complete ecosystem for a made-in-Vietnam automobile and e-scooter manufacturing industry, which VinFast is aiming for,” Vo Quang Hue, deputy general director of Vingroup, said during a speech he delivered at the announcement ceremony.

The joint-venture will further explore producing the lithium-ion battery packs for Vingroup’s other electric devices.

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