Under the agreement, the two sides will work on building a plant in Vietnam to manufacture a lithium ferrophosphate (LFP) battery, which is widely used in electric vehicles thanks to its safety and long cycle life.

Vinfast plans to release several electric car models in the coming years.

The battery is also free of rare elements, making it more competitive in terms of pricing and suitable for small and medium electric cars, said Vinfast, a subsidiary of Vingroup.

The plan to build an LFP battery manufacturing plant in Vietnam among Vinfast’s efforts to establish a green energy ecosystem in Vietnam, helping to increase the domestic content in its products.

Vingroup has already created a subsidiary known as VinES to develop battery solutions and manufacture batteries for electric cars.

In addition to Gotion High-tech, Vinfast is also cooperating with other partners from the United States, Israel and Taiwan (China) in the research and development of advanced battery technologies.

The company is planning to build battery and charger plants in the US and Europe as part of its strategy to expand into the global market in the future.

Vietnam’s economy to maintain position as fourth largest in ASEAN

Vietnam’s GDP in 2020 reached about US$343 billion, surpassing Singapore (with about US$337.5 billion) to rank fourth in ASEAN and among the top 40 largest economies in the world.

How Covid-19 impacts Vietnam’s economy

Vietnam’s economy is recovering from a low base last year, but the number of businesses leaving the market remains high amid growth prospects narrowed by several outbreaks.

Bac Giang looks to develop night-time economy

The People's Committee of Bac Giang province has approved a night-time economic development project for the 2021 - 2030 period with the aim to promote the development of evening economic activities in the locality, and turn Bac Giang into a vibrant and attractive destination, meeting the needs of working, entertaining, shopping, enjoying food and experiencing the nightlife of locals and visitors.

Provincial leader orders to firmly maintain disease safety to sell lychee and develop economy

(BGO) – Chairman of Bac Giang provincial People’s Committee (PPC) Le Anh Duong on June 9 paid a field trip to inspect the task of Covid-19 Prevention and Control as well as lychee consumption promotion in Luc Ngan district.

Luc Ngan focuses on developing fruit trees, forest-based economy in association with tourism

(BGO) - On the morning of April 13, the Standing Board of the Bac Giang provincial Party Committee had a working session with the Standing Board of the Luc Ngan district Party Committee on the implementation of the resolutions of the Party congresses at all levels for the 2020-2025 tenure and key tasks for 2021; directions and tasks for the next time. 

Source: NDO