Vingroup injects VND6.3 trillion into LFP battery line in central Vietnam

Sunday, 25/09/2022 16:02
VinES Energy Solutions Joint Stock Company, an affiliate of Vingroup – the largest private conglomerate in Vietnam, has decided to pour VND6,329 billion into a Lithium Iron Phosphate (LFP) battery factory in Ha Tinh province, reported the Voice of Vietnam.
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VinES of Vingroup has decided to inject more than VND6.3 trillion into another LFP battery factory in Vung Ang economic zone in Ha Tinh province, central Vietnam. 

VinES’ investment plan has been approved by the Ha Tinh Economic Zone Management Board.

The factory will be built on an area of more than 14ha in Vung Ang economic zone. The project will have a total investment capital of VND6,329 billion, including VND2,405 billion sourced from VinES and the remainder from stakeholders.

The facility is designed to produce approximately 30 million LFP rechargeable battery cells mainly used for electric cars batteries and energy storage systems (ESS).

The production line is expected to churn out first commercial products in the third quarter of 2024.

In December 2021, Vingroup broke ground for the first VinES Battery Factory in Vung Ang Economic Zone. In the first phase, the factory is being on an area of 8ha with a total investment of VND4,000 billion.

The factory is designed to supply LFP batteries to electric cars and electric buses of VinFast.

Three Vietnamese airlines named among world’s best air services

Vietnam Airlines, Vietjet Air, and Bamboo Airways have been honoured in different categories by Skytrax, a UK-based site which ranks airlines and airports, reported the Voice of Vietnam.

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Vietnam Airlines, Vietjet Air, and Bamboo Airways are honoured in different categories by Skytrax (Photo: aivivu.com)

Vietnam Airlines ranked 48th among the top 100 best airlines, as compiled by Skytrax.

Meanwhile, Bamboo Airways finished second in the Best Regional Airline in Asia category, and 15th in in the World's Best Regional Airline category.

Vietjet Air was named as the Best Low-Cost Airline in Vietnam.

Elsewhere, the world's top 20 airlines in 2022 included Qatar Airways, Singapore Airlines, Emirates, ANA (All Nippon Airways), Qantas Airways, Japan Airlines,Turkish Airlines, Air France, Korean Air, and Swiss International Air Lines.

Skytrax has conducted more than 14 million customer surveys in over 100 countries from September 2021 to August 2022 in order to find out the world's favourite airline.

The awards ceremony was held at Langham hotel in London, the UK, on September 23.

Typhoon Noru heads toward central Vietnam

Central provinces of Vietnam are expected to endure a big spell of rain in a couple of days as typhoon Noru is moving fast toward the central region, reported the Voice of Vietnam according to the National Centre for Hydro-meteorological Forecasting.

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 Fishermen in Phu Yen Province bring fishing boats onshore to avoid typhoon Noru. (Photo: thethaovanhoa.vn)

At 13.00 on September 24, Noru was swirling around the area about 660km east of the Philippines’ Luzon island, packing winds of 113kph near its centre.

In the next 24 hours, the typhoon is forecast to move west at a speed of 20kph and is likely to gain strength.

On September 26, the typhoon is anticipated to move into the East Sea and head for the central coast of Vietnam.

The typhoon is likely to further strengthen with winds gusting approximately 150kph near its eye on September 27 before pounding the central coast of Vietnam the following day.

It will dump heavy rain on localities along the central coast from Thanh Hoa to Quang Binh.

Weather experts warned about possible severe flooding in low-lying areas, and possible landslides and flashfloods in mountainous areas.

Huge potential for luxury real estate in Vietnam

The branded residence market is gaining a stronger foothold in the Vietnamese market with potential to further develop, shaping the lifestyle of the country’s elite, reported Vietnam News Agency according to experts.

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Illustrative image (Source: Vinhomesland.vn) 

Duong Thuy Dung, Senior Director of CBRE Vietnam, noted that the first branded residence projects were developed 20 years ago in association with hotel management brands and motivated by the existing tourism market.

However, the situation is gradually changing as the business class, merchants and billionaires thrive in both quantity and quality, leading to increasing demand for luxury products.

Recognising these opportunities, luxury brands have joined the fray that led to the birth of branded residences. Worldwide, the supply of lifestyle luxury real estate accounts for about 15-20% of the total luxury real estate, she said.

She noted that in Vietnam, branded residence projects only appeared in 2021, but according to CBRE's statistics, this model has overwhelmed the world real estate market with a proportion of over 60%.

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Illustrative image (Source: VNA)

Wealth-X, an US organisation specialising in wealth research, the number of rich people with net assets from 1-30 million USD in Vietnam is forecast to grow about 10.1% in the 2018 - 2023 period, putting Vietnam in the top five countries with the fastest growth rate in the world.

In 2021, Vietnam saw the first luxury real estate projects in the ultra-luxury segment selling for over 12,000 USD per sq.m. The Grand Marina Saigon and The Grand Hanoi have an average price of 14,700 USD and 25,000 USD per sq.m, respectively, with 70% of the apartments sold.

According to Dung, lifestyle branded real estate is not only seen as an asset but also a measure of the owner's class. The appeal of lifestyle branded residences comes from connectivity with luxury brands and sustainable value. This type meets the needs of the elite - those who have the need to affirm their class and own branded items, and are interested in lifestyle and living experience.

CBRE forecasts that the trend of this type of real estate will develop strongly, especially in Vietnam, driven by the growth of the super-rich and the development of the luxury goods market./.

Compiled by BTA

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