HANOI, VIETNAM – Media OutReach – October 11, 2023 –
Vingroup Chairman Mr. Pham Nhat Vuong announces that he will donate 99.8 percent of the shares of VinES Energy Solutions Joint Stock Company to
VinFast. The merger aims to strengthen VinFast’s self-sufficiency in battery technology and production line, while increasing its competitive advantage in the ever-growing electric vehicle market.
Following the donation, VinES will be merged with VinFast to improve its self-efficacy in battery technology and leverage resources to increase research and development of batteries for its vehicles.
VinES is a member company of Vingroup with legal capital of VND6.5 trillion ($270 million). The company specializes in the research, development and manufacturing of advanced lithium-ion batteries for mobility and energy storage applications. VinES also cooperates with the world’s leading battery technology partners and seeks to become a comprehensive energy solution provider.
Under the terms of the merger, VinFast will acquire all of 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 line and creates an unprecedented competitive advantage for VinFast in the global electric vehicle market.
Ms. Le Thi Thu Thuy, Vice President of Vingroup and Global CEO of VinFast shared: “The acquisition of VinES will help VinFast control our battery technology and supply chain, thereby optimizing operating expenses and enriching the technological content of our electric vehicles. It is also an important step towards developing and controlling an integrated supply chain and comprehensive manufacturing. system to further strengthen our competitiveness.
In April 2023, Mr. Pham Nhat Vuong signed an agreement to donate $1 billion of his personal assets to VinFast. Vingroup, together with Mr. Vuong, also announced the contribution of an additional $500 million to VinFast in the form of non-repayable grants as well as a guarantee for a $1 billion loan of up to five years for support the growth and global growth of VinFast. expansion projects.
For more information, please visit:
https://www.sec.gov/Archives/edgar/data/0001913510/000119312523253903/d535412d6k.htm
Hashtag: #WineFast #WineES
The issuer is solely responsible for the content of this announcement.
