South Korean battery producer LG Energy Solution wants to manufacture electric motorbikes and put up charging stations in Vietnam.
Lee Jin Woo, senior director of LGES, said at a recent meeting with authorities in the northern Phu Tho Province that the investment would be sourced through official development assistance, a government aid that promotes the economic development of developing countries.
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A factory of LG Energy Solution. Photo courtesy of the company |
Besides manufacturing, the company also wants to partner with Vietnamese companies to set up charging station and battery exchange networks for electric motorbikes in the province, he added.
Phu Tho chairman Tran Duy Dong instructed the local Investment Promotion and Support Center and Department of Finance to create favorable conditions for LGES to invest in the province.
Founded in 1999 as South Korea’s first lithium-ion battery manufacturer, LGES is a global leader in the field and a supplier to major automakers like Ford, Chrysler, Audi, Renault, Volvo, SAIC Motor, Tesla, General Motors, and Hyundai.
LGES also produces batteries for laptops, smartphones and smartwatches.
Phu Tho, around 100 kilometers northwest of Hanoi, plans to have 57 industrial parks spanning nearly 13,400 hectares by 2030, and 16 projects of them are already up and running.
As of the end of 2024 it had attracted 720 foreign investments, primarily from South Korea and Japan, worth US$12.5 billion.
