VinFast to Fortify Its Competitive Advantages Through a Merger With VinES Energy Solutions
Summary
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. 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. In April 2023, Mr. Pham Nhat Vuong signed an agreement committing him to donate USD 1 billion from his personal assets to VinFast.