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    VIC   VN000000VIC9

VINGROUP JOINT STOCK COMPANY

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Vingroup Joint Stock : to build $387 million battery cell plant in central Vietnam

10/20/2021 | 11:58am EST

HANOI (Reuters) - Vietnam's biggest conglomerate Vingroup will start construction on a $387 million battery cell plant for its auto arm VinFast electric vehicles (EVs) in central province of Ha Tinh this year, local authorities said on Wednesday.

The plant, which has a capacity of 5 gigawatt hours (GWh) per year, will be on a 31.1-acre (12.6 hectare) plot, according Ha Tinh authorities.

"From the fourth quarter of 2021 to third quarter next year, the plant will be set up and operate at capacity of 3 GWh per year," the Ha Tinh authorities said in a statement.

"It will be fully installed and run at full capacity from 2025," the statement added.

Vingroup spokesman confirmed the plan of establishing a battery cell plant for EVs in Ha Tinh province without elaborating.

Reuters reported in April the company was looking to establish a second VinFast automobile plant in the same region as the battery plant.

VinFast became Vietnam's first fully fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019.

The company, which some have called "Vietnam's answer to Tesla", will debut in the U.S. and Europe markets next year with two battery electric SUVs models, the midsized VF e35 and the seven-seater VF e36.

VinFast is working with a variety of partners including StoreDot, Gotion High-Tech, ProLogium for batteries, and also focuses on internal R&D and establishes research facilities to develop battery and charging technologies, the company said earlier in an emailed statement to Reuters.

The company has targeted global EV sales next year of 15,000 vehicles, down from its prior goal of 56,000 due to the global semiconductor chip shortage.

(Editing by Sandra Maler)


ę Reuters 2021
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Financials
Sales 2021 137 296 B 6 041 M 6 041 M
Net income 2021 3 621 B 159 M 159 M
Net Debt 2021 108 332 B 4 767 M 4 767 M
P/E ratio 2021 65,2x
Yield 2021 -
Capitalization 364 605 B 16 048 M 16 043 M
EV / Sales 2021 3,44x
EV / Sales 2022 2,74x
Nbr of Employees 88 220
Free-Float 24,5%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 98 500,00 VND
Average target price 106 037,04 VND
Spread / Average Target 7,65%
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Managers and Directors
Quang Viet Nguyen Vice Chairman & Chief Executive Officer
Vuong Nhat Pham Chairman
Hiep Khac Le Vice Chairman
Marc Villiers Townsend Independent Director
Hang Thuy Pham Vice Chairman
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