SK IE Technology (SKIET), a subsidiary of SK Innovation that manufactures separators for electric vehicle (EV) battery cells, announced today that it aims to enter both the Southeast Asian and North American markets by cooperating with Vingroup, the largest conglomerate in Vietnam.
SKIET supplies separators to a wide portfolio of battery manufacturers globally, including SK On, another subsidiary of SK Innovation.
The battery material maker is expected to gain more momentum in its global market penetration by looking into ways to cooperate with Vingroup, which is based in the fast-growing Vietnamese market.
SKIET revealed on the 5th that a group of guests from VinES Energy Solution Joint Stock Company (VinES), the EV battery manufacturer of Vingroup, visited the headquarters of SKIET located in Seoul and the manufacturing plant in North Chungcheong Province, South Korea, on July 26th. The executives of VinES who paid the visit included CEO Pham Thuy Linh and Technology Strategy Director Brian Keith.
SKIET and VinES have recently signed an MOU including the section on the prioritized provision of SKIET’s separators for EV batteries of VinES, which will be produced in Vietnam and the United States. The visit has been made in order to fine-tune the specifics of the business.
In 2017, Vingroup launched VinFast, the first and only Vietnamese-origin automotive company. Since its establishment, the company has also launched the first EV of Vietnam (VF e34) in 2021, and is producing 250,000 vehicles in Vietnamese factories.
Recently, VinFast has been focused on expanding its EV business globally, as shown in its plans to stop producing internal combustion engine (ICE) vehicles and go fully electric. The Vietnamese government is also highly cooperative in terms of the EV market expansion. Policies including the exemption of EV registration fee, and reduction of special excise taxes, have been implemented to prepare for the country’s shift into EVs.
VinFast proceeds with vigor into global market penetration as it officializes its plans to enter the US market. The Vietnamese company officially announced its plan to invest USD 2 billion (approx. KRW 2.6 trillion) in the manufacturing plant in North Carolina, US. The company aims to produce 150,000 EVs annually, including the production in its US manufacturing plant, which will come into operation in July 2024.
VinES, which has co-signed an MOU with SKIET, is a company established by Vingroup to specialize in EV battery manufacturing for VinFast. The company was established to provide a stable supply chain of batteries for VinFast, and it currently supplies batteries to the EVs manufactured by VinFast in its Vietnam plants. The company will be providing batteries to VinFast’s plants in the US upon their establishment in the near future. Once cooperation with Vingroup successfully materializes, it is expected to give the company a jump-start in its entry into the Southeast Asian and US markets.
SKIET leads the world’s premium wet-laid separator market. Using the sequential stretching method, the company is able to implement a uniformly high quality while freely adjusting the thickness of the separator. The method brings benefits in terms of productivity and production cost. SKIET was the first in the world to develop such a technology. The company has production plants in South Korea, China, and Poland.
Roh Jae-sok, CEO of SKIET, said, “We are excited to have the opportunity to discuss the cooperation with the leading company in Vietnam, one of the fastest growing EV markets.” He added, “We will enhance the cooperation between two companies through exploring business opportunities, including the separators, by promoting our outstanding technology and safety excellence.”
Pham Thuy Linh, CEO of VinES, said, “Vingroup and SK Group have maintained trust in our relationship for years, and both companies have built capabilities. And the efforts are now paying off.” She continued, “We have great trust in SKIET’s capabilities and know-hows. We hope that SKIET and VinES can continue a strong cooperative relationship.”
