LG Chem Teamed Up With VinFast To Deploy The Lithium Battery Market In Southeast Asia

- Aug 30, 2019-

Lithium Battery World September 2018, LG Chem and Vietnamese car brand VinFast have signed a letter of intent for cooperation. According to foreign media reports, the two sides have already established a joint venture. The production facilities of the new joint venture are located in the northern port city of Haiphong, and will produce battery packs for Vietnamese start-up electric scooters and future electric vehicles. Among them, VinFast is responsible for warehouse and production lines, personnel and plant operations, and LG provides technical knowledge, monitoring and related battery production training.

Previously, Vo Quang Hue, deputy general manager of VinFast's shareholder, Vingroup JSC, Vietnam's largest conglomerate, said: "The partnership with LG Chem to establish a battery joint venture at the VinFast plant is to ensure VinFast's electric scooters and electrics. It’s important that the car has a high-efficiency battery."

In fact, in order to promote the progress of electric transportation, the Vietnamese automobile brand VinFast not only cooperated with LG Chemical, but also signed cooperation agreements with suppliers and customers. This includes an agreement with Siemens to provide technology and components for the manufacture of electric buses. In addition, VinFast has also reached an agreement with General Motors, under which GM will completely transfer its Vietnamese operations to VinFast. The new Vietnamese company will exclusively distribute GM's Chevrolet models.

Southeast Asia or lithium battery companies pay attention to the new blue ocean

Nowadays, the demand for electric vehicles in Southeast Asia has rapidly increased, and international giants such as Mercedes-Benz and BMW have also set up factories, which directly brings opportunities to Asian lithium battery companies. Initial inventory, including Samsung SDI, LG Chem, Toshiba, Panasonic, Xingheng Power, Qingshan Industrial, Weiwei, etc. are all here, or directly set up factories, or sign cooperation orders.