Modern Australian
Men's Weekly

.

VinFast to acquire VinES Energy Solutions to step up its integrated supply and production chain

HANOI, VIETNAM - Media OutReach - 11 October 2023 – 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.

Photo 1 (1).jpg


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
Hashtag: #VinFast #VinES

The issuer is solely responsible for the content of this announcement.

The Cost of Converting a Shipping Container into a Liveable Space

Container conversions often require more planning and labour than expected Early costs include foundations, framing, and structural reinforceme...

Marriage Celebrant for Modern Lovers Who Want Something Different

Many couples today feel pressure to follow the same wedding traditions their parents or grandparents did. They might sit through long ceremonies that ...

Why Everyone’s Signing Up for Fitstop’s 6-Week Challenge (Again)

Hint: It’s not just for the gains. Somewhere between the endless TikTok fitness hacks and the unrealistic “30-day shred” promises, we forgot ...

The Mental & Financial Benefits of Minimalist Caravan Travel

Minimalist caravan travel has grown in popularity, not just for its practical appeal but also for the sense of freedom it brings. With the rise of c...

Sydney Property Lawyers: Your Complete Guide to Smooth Transactions

Navigating the Sydney property market can feel like traversing a minefield, can't it? The process, laden with legal jargon and complex procedures, o...

Electrician Perth: Your Go-To Guide for Home Electrical Safety

When it comes to keeping your home safe and sound, electricity is something you simply can't afford to ignore. Faulty wiring, outdated switchboards...

Ironman 4x4: Building Complete Suspension Systems for Australia

The name Ironman 4x4 resonates throughout Australia's 4WD community, particularly when discussing Ironman suspension solutions. This Australian bran...

Pontoon Boats - The New Must-Have for Luxe Canal Homes

If you are living on a canal in Australia, you are already living the dream. But living near the water without a boat is like owning a horse without...

Perth Airport Transfers: Choosing the Right Service

Touching down in a new city can be exciting, but let's be honest, it can also be a bit stressful. After a long flight, the last thing you want to wo...

How to Save Smart: Cheapest Travel Insurance for Schengen Visa without Cutting Corners

Picture this: you’ve found a last-minute flight to Milan, your hotel booking comes with breakfast and a rooftop view, and your itinerary is ready ...

Keeping Lone and Remote Workers Safe: Employer Duties and Practical Solutions

In Australia, thousands of employees work alone, in remote locations, or in direct contact with the public every day. While these roles are critical...

How Your General Dentist Supports Your Smile Over a Lifetime

A healthy grin is more than just a desirable feature; it reflects overall health, well-being, and self-esteem. Our oral health needs evolve from chi...

A Brighter Smile in Sydney: Expert Cosmetic Dentists and Veneers Solutions

A confident smile can open doors, boost your self-esteem, and leave a lasting impression. In Sydney, more people than ever are turning to cosmetic den...

How To Keep Vase Flowers Fresh Through Australia’s Coldest Months

Winter flowers develop slowly, which gives them stronger structure and longer vase life Heat from indoor environments is the biggest threat to th...

Artificial Intelligence is Powering the Growth of Australian Telehealth Services

Many Australians have traditionally experienced difficulties in accessing timely and quality healthcare, especially those who live in rural or remot...

VR Training in Australia – Customer Service Risk Management

In today’s rapidly evolving workplaces, Australian organisations are turning to immersive learning tools like VR to handle specialised needs such ...

Powering Shepparton’s Businesses: Expert Commercial Electrical Services You Can Count On

When it comes to running a successful business, having reliable, compliant, and efficient electrical systems is non-negotiable. From small retail ou...

Maximise Efficiency: Cleaner Solar Panels for Optimal Performance

Solar panels are a smart investment in energy efficiency, sustainability, and long-term savings—especially here in Cairns, where the tropical sun ...