VinES

VinES Energy Solutions, a subsidiary of Vietnamese conglomerate Vingroup, specializes in research, development, and manufacturing of advanced batteries for mobility and energy storage applications. The company focuses on producing lithium-ion and lithium iron phosphate (LFP) batteries to support electric vehicle production and energy storage solutions. In November 2022, VinES, in partnership with Chinese battery producer Gotion High-Tech, began construction of a USD 275 million LFP battery cell factory in Vietnam's Ha Tinh province. The 14-hectare facility is designed to achieve an annual production capacity of five GWh, equivalent to approximately 30 million battery cells. This factory is expected to begin operations by the end of 2023 and will be Vietnam's first LFP battery plant. VinES has also commissioned a lithium-ion battery cell manufacturing facility in Hai Phong, Vietnam, and plans to expand its production capacity across the country. In October 2023, VinFast, another Vingroup subsidiary, announced the acquisition of a 99.8% stake in VinES to ensure a stable battery supply and reduce battery costs for their electric vehicles.

Key customers and partnerships

VinES primarily supplies batteries to VinFast, Vietnam's first global electric vehicle manufacturer. The company has formed strategic partnerships to enhance its capabilities and reach. In November 2022, VinES entered into a joint venture with Gotion High-Tech to build the LFP battery cell factory in Ha Tinh province. In April 2023, VinES signed a long-term recycling agreement with Li-Cycle Holdings Corp., a North American lithium-ion battery recycler. Under this partnership, Li-Cycle will become VinES' strategic and preferred recycling partner for Vietnamese-sourced battery materials starting in 2024. The companies are also exploring the possibility of constructing a dedicated battery recycling facility near VinES' manufacturing site in Ha Tinh province.