Vo Quang Hue, Deputy CEO of Vingroup (L) and Jong Hyun-kim (R) from LG Chem Ltd at the signing ceremony (Source: VNA)

Hanoi (VNA) – VinFast Trading & Production Ltd. and LG Chem Ltd., a subsidiary of LG Corporation of the Republic of Korea (RoK), on September 7 signed a memorandum of understanding (MoU) on the production of batteries that meet international standards and environmentally friendly criteria.

The partnership will provide batteries for all products in the ecosystem of VinFast – a subsidiary of Vingroup, including scooters, electric cars and buses, smart phones and other products in the future. In the short term, the cooperation will focus on producing batteries for VinFast’s e-scooters.

Accordingly, VinFast will be responsible for building workshop and installing production lines at the company’s Supplier Park located in the northern port city of Hai Phong, ensuring that the facility will be operational in the second quarter of 2019.

Meanwhile, LG Chem will provide technologies for battery production and personnel training.

Vo Quang Hue, Deputy CEO of Vingroup, said the partnership is an important initial step for VinFast in particular and Vingroup in general to grasp global advanced technologies in order to produce premium products and contribute to the development of Vietnam’s support industry. 

LG Chem Ltd. is the RoK’s largest multi-sector chemical company which specialises in petrochemical, IT and electronic materials, and energy solution.

With over 20 years’ experience in battery production, LG Chem has affirmed itself as one of the world’s leading Lithium-ion manufacturers. The company is the primary supplier of lithium batteries throughout the world for mobile phone and hybrid/electric vehicle industries and energy storage system.-VNA