Chinese battery giant Gotion High-tech has expressed interest in further investing in the Vung Ang Economic Zone in central Vietnam's Ha Tinh province, Vietnamese media outlet VnEconomy reported on 1 November.
Sources close to Gotion High-tech revealed that they intend to further develop a project to manufacture energy storage equipment in Vinh, aiming to optimise the use of renewable energy sources and provide customers with a stable power supply.
At a recent meeting with the Ha Tinh authorities, Gotion High-tech also spoke about its lithium battery project with Vingroup in Vietnam's Vinh An Economic Zone, which is nearing completion and is expected to begin operations soon.
Mr Pham Tran De of the Ha Tinh Economic Zone Management Committee said that the Vinh An Economic Zone has become an attractive destination for investors in recent years, thanks to its deep-water port potential, synchronised infrastructure and current investment incentives.
The two sides discussed potential opportunities for co-operation, with Ha Tinh Province pledging maximum support in the investment process.
Regarding the joint venture between Gotion High-tech and Vingroup, the plant, with a total investment of US$275 million, is being built in the Yongan Economic Zone. Once operational, the plant will focus on the production of LFP (Lithium Iron Phosphate) batteries for electric vehicles and energy storage systems (ESS).
Currently, Gotion High-tech has established eight R&D centres in a number of markets, including China, the United States, Japan, Singapore, Germany and India, and employs more than 7,000 people worldwide.
In order to better serve the international market, the company continues to improve overseas localised production. In Asia, the company has joined hands with Tata of India, Vinfast of Vietnam, Nuovo Plus of Thailand, Edison of Japan, etc., to develop the power and energy storage market; in Europe, the company has cooperated with Volkswagen, Bosch of Germany, InoBat, etc., to actively build up the local battery production capacity in Europe; in the Americas, the company has joined hands with Rivian, JEMSE, etc., to lay out the localised battery and material factories. In the Americas, the company has joined hands with Rivian, JEMSE and other companies to set up localised battery and material factories.
Gotion High-tech's revenue increased by 10.2% in the first half of 2024, and the proportion of overseas revenue rose to 32.91%, with the proportion of domestic and overseas revenue optimised from last year's ‘eight-two-pattern’ to a ‘seven-three-pattern’, and the effect of globalisation on the ground has continued to be solid. The effect of the globalisation layout on the ground has continued to be solid.
Source : https://mp.weixin.qq.com/s/QpX-C1HGVhO3A8z4tA8pkg