SKIET Signs MOU with Vietnamese EV Battery Manufacturer VinES
VinES to Pursue Business Expansion in 2024 Through VinFast U.S. Factory and More

SK IET, a secondary battery separator manufacturer under the SK Group, is partnering with Vin Group, Vietnam's largest company, to target both the Southeast Asian and North American markets simultaneously.

SKIET announced on the 5th that on the 26th of last month, executives including President Pham Thuy Linh of VinES, a Vingroup electric vehicle battery manufacturer, visited SKIET’s headquarters and its factory in Jeungpyeong, North Chungcheong Province, and finalized a business plan to prioritize the supply of SKIET’s separators.

It is reported that the two companies recently signed a business agreement that includes provisions for the preferential supply of SKIET's separators to electric vehicle batteries produced by VinES in Vietnam, the United States, and other regions, and that they discussed this in detail.

SKIET is expected to further accelerate its expansion into the global market by supplying separators to various global battery manufacturers, including SKON, and by seeking cooperation with VinGroup, which leverages the rapidly growing Vietnamese market.

VinGroup is Vietnam's largest private company. It established VinFast, Vietnam's only and first automobile company, in 2017 and launched Vietnam's first electric vehicle (VF e34) in 2021, and currently produces 250,000 vehicles annually in Vietnam alone.

Recently, the production of internal combustion engine vehicles They are accelerating related businesses, such as announcing that they will halt operations and focus on 100% electric vehicle production. The Vietnamese government is also actively working to expand the electric vehicle market.

They are accelerating the transition to electric vehicles by offering benefits such as exemption from registration fees and reductions in special consumption tax.

VinFast is also rapidly moving to target overseas markets, including officially announcing its entry into the U.S.

It has confirmed the establishment of a local production plant in North Carolina, USA, with an investment of $2 billion. It aims to produce approximately 150,000 electric vehicles annually in the future, including production volume from the North Carolina plant scheduled to begin operations in 2024.

VinES, which has signed a business agreement with SKIET, is a company established by VinGroup to manufacture batteries exclusively for VinFast electric vehicle production.

VinES was established to build a stable battery supply chain for VinFast and is currently supplying batteries for electric vehicles produced at VinFast's factory in Vietnam.

Once VinFast's U.S. factory is established, the company is also scheduled to handle battery supply in the U.S. market. If collaboration with VinGroup materializes, it is expected to gain momentum in targeting Southeast Asia, including Vietnam, as well as North American markets such as the U.S.

SKIET holds a leading global position in the advanced wet separation membrane market.

▲ SKIET President No Jae-seok (Photo courtesy of SKIET)

SKIET achieved uniform quality while freely controlling membrane thickness using a sequential stretching method. This is a technology developed for the first time in the world and has advantageous features in terms of productivity and cost.

SKIET has production plants in Korea, China, and Poland.

"I am pleased that a leading company in Vietnam, where the electric vehicle market is growing rapidly, is discussing full-scale cooperation with SKIET," said Noh Jae-seok, CEO of SKIET. "We will continue close cooperation to explore various business opportunities, including separators, by promoting SKIET's unrivaled technology and safety."

VinES President Pham Thuy Linh stated, “VinGroup and SK Group have built a relationship of trust over the years, and the capabilities and efforts accumulated by both companies have borne fruit today,” adding, “We have high confidence in SKIET’s capabilities and know-how and look forward to the continuation of a deep cooperative relationship.”