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Tuesday, June 25, 2024

Vingroup, S.Korean firm to supply EV battery separators

The Saigon Times

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HCMC – SK IE Technology, or SKIET, a subsidiary of South Korea’s SK Group, has cut a deal with Vingroup, which lists its VIC shares on the Hochiminh Stock Exchange, to supply separators of electric vehicle (EV) battery cells to Vin Energy Solution (VinES), an arm of the Vietnamese company.

The two parties signed the agreement at the headquarters of SKIET in Seoul on July 26, the local media reported.

The cooperation is part of SK Group’s plan to expand in Southeast Asia. In 2019, the South Korean group acquired a 6.1% stake in Vingroup to enter Vietnam.

Vingroup established VinES in 2017 to set up a battery supply chain for VinFast. The firm is providing batteries for EVs manufactured by VinFast in Vietnam.

Besides, VinFast is building an EV production plant in North Carolina in the United States to expand its operation. The facility will be put into service in July 2024, set to turn out some 150,000 vehicles each year.

VIC closed up over 1% today, August 9, ending its two-session falling streak.

The HCMC bourse ended on an upbeat note as the VN-Index added 2.1 points, or 0.17%, from the session earlier, at 1,258.85, with 270 gainers and 193 decliners.

Over 721.6 million shares worth VND16 trillion changed hands, inching up 3% in volume and 1% in value, against the previous session.

Steelmaker HPG was the most actively traded stock on the HCMC market, with a matching volume of 48.2 million shares.

At the close, the HNX-Index of the Hanoi Stock Exchange edged up 0.08 points, or 0.03%, from the session earlier, at 301.41.

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