Ha Tinh approves $270 million investment in second Vingroup battery factory

02:59 PM @ Wednesday - 28 September, 2022

Ha Tinh Economic Zone Management Authority has approved the investment planning of the second battery factory invested by VinES Energy Solutions JSC, a subsidiary of the conglomerate Vingroup.

According to the investment plan approved on September 25, VinES Energy Solutions is set to develop a lithium battery factory with the total investment capital of VND6.3 trillion ($273.9 million).

Covering 14 hectares in Vung Ang Economic Zone, the project will be invested in by VinES Energy Solutions in collaboration with Gotion Inc. The two parties will contribute VND2.4 trillion (38 per cent) to the project, and the remaining capital VND3.92 trillion will be mobilised from other sources. The construction of the first battery factory is 97 per cent finished.

The construction of the first battery factory is 97 per cent finished. In early July, Vung Ang Economic Zone Management Authority sent documents to relevant authorities to consult on and appraise the project.

According to the plan, construction for the second factory will kick off in the fourth quarter this year and take one year. The investor will start to install machinery and manufacturing lines in the first quarter of 2024 so that the factory will officially open in the third quarter of 2024.

The designed capacity of the factory is 5GWh per year, equaling 30 million lithium iron phosphate batteries, which are currently the most used batteries in the global new energy vehicle market.