VinES starts construction of second battery factory in Ha Tinh. Source:VnMedia

Covering an area of 14 hectares in Vung Ang Economic Zone, the battery factory is invested in by VinES and Gotion Inc.

The two parties will contribute VND2.4 trillion ($104.34 million or 38 per cent) to the project, and the remaining capital VND3.92 trillion ($170.4 million) will be mobilised from other sources. The construction of the first battery factory is 97 per cent finished.

The investment planning was approved by Ha Tinh People’s Committee in late September.

According to the plan, the construction will be completed within one year. The entire machinery and manufacturing line is planned to be installed in the first quarter of 2024 so that the factory will officially start operation in the third quarter of 2024.

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.

Gotion is a reputable technology-driven international company that focuses on battery development and production. It was founded in 2006 and went public in 2015 as China's first battery company to enter the capital market.

In August 2021, VinES and Gotion High-Tech Co., Ltd. signed an MoU, focusing on the procurement of Gotion LFP batteries and discussion of the possibility to establish a Giga Factory, the first LFP battery cell facility in Vietnam. Hence, their agreement is realised after more than one year.