November 18, the joint venture battery factory by Gotion High-Tech and Vietnam VinGroup was officially opened in Vietnam Ha Tinh Economic Development Zone. The project is expected to achieve annual production capacity of 5GWh, expected to be in operation by the end of 2023, which is the first LFP battery factory in Vietnam. Member of the Central Committee of Vietnam and Secretary of the Provincial Committee of Ha Tinh Province，Hoàng Trung Dũng，Vice Chairman and CEO of VinGroup，Nguyễn Việt Quang，CEO of VinES，Pham Thuy Linh, chairman of Gotion, Li Zhen，witnessed the ceremony together.

The factory was jointly invested by Gotion High-tech, and VinES (a member of VinGroup). Gotion High-tech holds 51% of the shares and VinES holds 49%. It is the first LFP battery manufacturing plant in Vietnam. According to the plan, The project has a scale of 14 hectares with a design capacity of 5GWh/year, and is expected to be completed and put into operation by the end of 2023. To meet the demand of lithium iron phosphate batteries for VinFast new energy vehicle batteries.

VinES is owned by VinGroup, Vietnam's largest private company, and is mainly responsible for power battery production.The group's VinFast, is the world's leading new energy vehicle manufacturing enterprise, whose products are widely praised in the Southeast Asia market and exported to Europe and America.

At the Groundbreaking ceremony, Ms. Pham Thuy Linh - CEO of VinES - said: The LFP battery cell factory is a joint venture with our partner - Gotion. It is an essential component in creating battery supply autonomy for VinFast EVs and VinES's development goal to become the preeminent energy solutions company.Located next to the VinES battery pack manufacturing in the Vung Ang Economic Zone, this new factory will complete the closed loop production of LFP Batteries in Vietnam, thereby improving localization for VinFast's EVs and optimizing production efficiency. In addition, the factory will also open up new development opportunities for the Vietnamese EV and clean energy industry."

Li Zhen, Chairman of Gotion High-Tech, said: VinGroup is the most respectable enterprise in Vietnam. The battery factory jointly built by Gotion High-tech and VinGroup will support the battery needs of VinFast's electric vehicles. It will not only contribute to the energy revolution, climate friendly and economic development of Vietnam, but also contribute to the energy civilization of human society.

Since the beginning of this year, the globalization strategy of Gotion High-tech has been continuously implemented. In June, the company reached a strategic cooperation with JEMSE of Argentina to establish a joint venture production line of battery grade lithium carbonate in Jujuy Province of Argentina. At the same time, German Gotion officially unveiled, which started the pace of "made in Europe" of Gotion batteries. In July, the company's General Depositary Receipts (GDR) rang the bell on the SIX Swiss exchange; In September, it signed a strategic cooperation agreement with Sumec to promote the export business of energy storage products. According to the company's plan, by 2025, it is expected to achieve 300GWh annual production capacity of global production capacity, including 100GWh overseas, to help achieve global carbon neutrality.