-

VinFast to Fortify Its Competitive Advantages Through a Merger With VinES Energy Solutions

HANOI, Vietnam--(BUSINESS WIRE)--Vingroup’s Chairman, Mr. Pham Nhat Vuong, announces that he will donate 99.8 percent of VinES Energy Solutions Joint Stock Company’s shares to VinFast. The merger is designed to enhance VinFast’s self-sufficiency in battery technology and its production chain, while increasing its competitive edge in the ever-growing electric vehicle market.

Following the donation, VinES will be merged into VinFast to enhance its self-efficiency in battery technology and leverage resources to increase battery research and development for its vehicles.

VinES is a member company of Vingroup with legal capital of VND 6,500 billion ($270 million). The company specializes in researching, developing, and manufacturing advanced lithium-ion batteries for mobility and energy storage applications. VinES also cooperates with leading global battery technology partners and seeks to become a comprehensive energy solution provider.

Under the terms of the merger, VinFast will acquire all VinES’ intellectual property related to battery cells, battery packs, manufacturing facilities, technology, partnerships, and supplier contracts. This comprehensive acquisition of VinES’ battery technology and modern manufacturing facilities is an important step in completing VinFast’s fully integrated production chain and creates an unparalleled competitive advantage for VinFast in the global electric vehicle market.

Ms. Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast shared: “The acquisition of VinES will help VinFast control our battery technology and supply chain, thus optimizing operating expenses and enriching technology content in our electric vehicles. This is also an important step towards developing and controlling an integrated supply chain as well as comprehensive manufacturing system to further strengthen our competitiveness."

In April 2023, Mr. Pham Nhat Vuong signed an agreement committing him to donate USD 1 billion from his personal assets to VinFast. Vingroup, together with Mr. Vuong, also announced the contribution of a further USD 500 million to VinFast in non-refundable grants as well as a guarantee for a loan of USD 1 billion carrying a maximum tenor of five years to support VinFast’s growth and global expansion plans.

For more information, please visit: https://www.sec.gov/Archives/edgar/data/0001913510/000119312523253903/d535412d6k.htm

Contacts

John Lindo
John.lindo@vinfastauto.com

Industry:

Vingroup

Release Versions
EnglishFrench

Contacts

John Lindo
John.lindo@vinfastauto.com

Social Media Profiles
VinFast Canada on Facebook
VinFast Canada on Instagram
VinFast Canada on Linkedin
More News From Vingroup

VinFast EVs Bring Back the Joy of Driving as Fuel Costs Climb

MARKHAM, Ontario--(BUSINESS WIRE)--As gas prices climb, Canadian drivers are rediscovering the simple pleasure of driving, with VinFast EVs offering a quieter, smoother ride and freedom from constant fuel concerns. When gas prices went up sharply in the past few weeks, Edric, a Quebec-based freelance photographer who often drives between cities for assignments and who has a special fondness for the open road, knew he had to do something to keep his love alive. It was then that a piece of news c...

New Year, New Savings: VinFast VF 8 Opens the Door Wider With Canada’s EV Rebate

MARKHAM, Ontario--(BUSINESS WIRE)--The Year of the Horse opened at a gallop for VinFast. The company delivered 16,172 electric vehicles in Vietnam in January alone, a 55% jump over the same month last year1. It was the 16th straight month that VinFast held the top spot in its home market, the “sweet fruit” of eight years spent playing the long game and building a comprehensive EV ecosystem in Vietnam, spanning products, charging infrastructure and aftersales support. In the latest delivery figu...

The VinFast VF 9 Is The Best Upgrade For Big Families

MARKHAM, Ontario--(BUSINESS WIRE)--There comes a point when a compact or mid-size SUV just doesn’t cut it anymore. Maybe the family’s growing. Maybe road trips are getting longer. Or maybe you simply want more comfort without stepping into something oversized and inefficient. That’s usually when buyers start looking at full-size SUVs. The problem is, in Canada, going bigger has traditionally meant higher fuel bills and more compromises on sustainability. The VinFast VF 9 approaches that upgrade...
Back to Newsroom