The merger between VinFast and VinES is aimed at enhancing VinFast’s self-sufficiency in battery technology and its production chain, as well as increasing its competitive edge in the growing electric vehicle market.
Following the donation, VinES will be merged into VinFast to enhance its self-efficiency in battery technology and leverage resources for battery research and development.
VinES is a member company of Vingroup with a legal capital of VND 6,500 billion ($270 million). It specializes in manufacturing advanced lithium-ion batteries for mobility and energy storage applications and works with leading global battery technology partners to become a comprehensive energy solution provider.
As part of the merger, VinFast will acquire all of VinES’ intellectual property, including battery cells, battery packs, manufacturing facilities, technology, partnerships, and supplier contracts. This acquisition will help complete VinFast’s fully integrated production chain and give them a competitive advantage in the global electric vehicle market.
Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast, stated: “The acquisition of VinES will allow VinFast to have more control over our battery technology and supply chain, optimize operating expenses, and enhance the technology content in our electric vehicles. This merger is a significant step towards developing and controlling an integrated supply chain and a comprehensive manufacturing system to strengthen our competitiveness.”
In April 2023, Pham Nhat Vuong committed to donating USD 1 billion from his personal assets to VinFast. Vingroup, along with Mr. Vuong, also announced a further contribution of USD 500 million to VinFast in non-refundable grants and a guarantee for a USD 1 billion loan to support VinFast’s growth and global expansion plans.
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