Chinese battery giant targets Ha Tinh province's Vung Ang

Chinese battery giant, Gotion, has expressed keen interest in further investing in Vietnam's Vung Ang Economic Zone in central Ha Tinh province.

Gotion's representatives revealed their intention to further develop a project for manufacturing energy storage equipment in Vung Ang, aimed at optimizing the use of renewable energy and providing stable electricity supply for customers.

During a recent meeting with Ha Tinh's authorities, Gotion also spoke about the lithium battery project in collaboration with Vietnam's Vingroup in the Vung Ang Economic Zone, which is nearing completion and is expected to commence operations soon.

According to Mr. Pham Tran De, from the Management Board of the Ha Tinh Economic Zone, the Vung Ang Economic Zone, with its deep-water port potential, synchronized infrastructure, and current investment incentives, has become an attractive destination for investors in recent times.

Both parties discussed potential collaboration opportunities, with  a commitment from Ha Tinh province to provide maximum support in investment procedures.

Regarding the joint venture between Gotion and Vingroup, the factory, with a total investment of $275 million, is built in the Vung Ang Economic Zone. Once operational, the factory will focus on producing LFP (Lithium Iron Phosphate) battery cells, used for electric vehicles and energy storage systems (ESS).

Gotion has established eight R&D centers across multiple markets, including China, the United States, Japan, Singapore, Germany, and India, employing over 7,000 staff worldwide.