south korea's lg chem sets up joint venture with vietnam's vinfast - lithium ion battery cells

SEOUL (Reuters)-
South Korea's LG Chem said on Sunday it has established a joint venture with VinFast trade and production in Vietnam to produce lithium-
Electric scooters from Vietnamese car manufacturers and ion batteries from electric cars.
The two companies set up a joint venture plant in Haifeng, a port city in northern Vietnam, with the aim of producing lithium
South Korean battery maker VinFast said in a statement that the ion battery pack for VinFast's electric scooter is now being produced and that electric vehicles will be produced in the future.
The plan comes as VinFast, a subsidiary of Vietnam's largest conglomerate, Vingroup JSC, aims to become the country's first domestic carmaker and plans to produce 250,000 cars a year.
Vingroup has already specified $3. 5 billion(2.
7 billion)
The whole car manufacturing project.
Part of the Union-
The risk plan includes the provision of quality products that meet international standards and the supply of lithium-
The statement added that it is used for ion batteries for power equipment and other products belonging to Vingroup.