Guoxuan Hi-Tech partnered with Vietnamese car company VinFast to consider building a battery factory there.

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According to foreign media reports, Guoxuan Tech recently reached an agreement with Vietnamese automaker Vinfast on Aug. 27 that the two companies will cooperate in the R & D and production of lithium iron phosphate batteries for pure electric vehicles.

Both Guoxuan Tech and Vinfast also discussed the possibility of building a power battery factory in Vietnam, and Vinfast's parent company, Vingroup, plans to start selling electric vehicles in Vietnam this year, which will carry its own on-board batteries.

Vinfast was founded in October 2018, mainly for the Vietnamese market, and sales reached 29485 vehicles in 2020. In addition, Foxconn parent Hon Hai held early talks with Vinfast to seek cooperation in electric vehicles.