Vinfast announced the merger of Vines Battery Research and Production Company

Vingroup Chairman Pham Nhat Vuong has just announced the donation of 99.8% of VinES Energy Solutions Joint Stock Company to VinFast Company. After the merger, VinFast will be self-sufficient in battery technology - an important component of electric vehicles, while mastering the production chain, increasing its competitive advantage in the market.

VinES is a member company of the Vingroup ecosystem with a total legal capital of VND 6,500 billion. The company operates in the field of research, development and production of high-quality lithium-ion batteries for electric vehicles, energy storage systems and other applications. In addition, VinES is also cooperating with leading battery technology partners in the world to become a comprehensive energy solution provider.

VinES Company will be merged into VinFast Company to proactively use technology and focus resources to enhance research and development of batteries for VinFast electric vehicles.

After the merger, VinFast will inherit all of VinES's battery cell patents, battery packs, factories, technologies, partnerships, and contracts with suppliers. Owning VinES's battery technology and modern battery factory system is an important milestone in comprehensively enhancing the capacity of VinFast's production chain, while creating a superior competitive advantage for VinFast in the global electric vehicle market.

Ms. Le Thi Thu Thuy, Vice President of Vingroup and General Director of VinFast Global, commented: “The merger of VinES into VinFast helps us take the initiative in battery technology and battery supply for electric vehicles, optimize costs and increase technology content for VinFast vehicles. This is also an important step in developing and controlling the supply chain and integrated production line, further enhancing the competitive advantage of VinFast electric vehicles.”

Previously, at the end of April 2023, Mr. Pham Nhat Vuong announced a donation of 1 billion USD to VinFast from his personal assets. Along with Mr. Vuong, Vingroup Corporation, founded by him, also announced a non-refundable grant of 500 million USD and a loan of 1 billion USD for a maximum period of 5 years to increase resources for VinFast's global growth goals. /.

Vietnam.vn