VinFast coorperates with LG Chem for production of batteries that meet international standards
The MoU signing ceremony between VinFast Trading & Production Ltd. (a subsidiary of Vingroup) and LG Chem Ltd. (a subsidiary of the South Korean corporation LG) on the various business cooperations was held in Hanoi on September 7, 2018. The partnership will provide batteries for all products in the Vingroup’s ecosystem, including electric scooters, electric cars, and electric buses; smartphones; and other products in the future.
LG Chem Ltd. is holding many world-leading battery technologies, including Lithium-ion batteries, solar batteries, etc. With this partnership agreement, the two companies will work closely together to produce premium products that meet international standards and environment-friendly criteria.
Accordingly, the battery has various kind, used for VinFast’s e-scooters, e-cars or e-buses, smartphones Vsmart and other products in the future. In the immediately, the partnership will provide batteries for VinFast’s e-scooters.
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. Besides, in case that partnership expands to joint venture, it is a part of the plan to help VinFast and other Vingroup’s subsidiaries to gradually increase localization rates in technological and industrial products that use batteries.
The collaboration will be located in VinFast’s Supplier Park in Hai Phong. At the early stage, VinFast will be responsible for the construction and production lines of the plant to ensure that it is ready for operation in Quarter II 2019. LG Chem will provide the required technologies for battery manufacturing and training of employees at VinFast’s plant complex.
Mr. Vo Quang Hue, Deputy CEO of Vingroup, said: “The partnership with LG Chem is an important initial 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 Vietnam’s supporting industry”.
The partnership between VinFast and LG Chem demonstrates the international stature of Vingroup, as well as the trust of prestigious global partners with the VinFast manufacturing electric vehicles project and long prospects term of Vingroup ecosystem. As for LG Chem, this partnership is also an opportunity for the company to expand its business in Vietnam.
VinFast is a subsidiary of Vingroup, the largest private enterprise in Vietnam, established in 2017. VinFast is developing a wide range of vehicles, including SUV, Sedan, small cars, electric city cars, electric buses, electric scooters. VinFast vehicles will be manufactured at a modern 335-hectare plant complex in Cat Hai, Hai Phong.
About LG Chem
LG Chem, Ltd. is Korea’s largest diversified chemical company which operates three main business units: Petrochemicals, IT & Electronic Materials and Energy Solution. The company was founded in 1947 and now employs over 29,000 staff globally. The chemical business manufactures a wide range of products, from petrochemical goods to high-value added plastics. It also extends its chemical expertise into high-tech areas such as electronic materials and lithium ion batteries. With over 20 years’ experience of development and production of these batteries LG Chem has established themselves as one of the world’s leading Lithium-ion manufacturers. The company is a primary supplier of lithium batteries throughout the world for the mobile phone and hybrid/electric vehicle industries & Energy Storage System (ESS).
For further information about LG Chem, visit http://www.lgchem.com/global/main