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EV MAKER VINFAST WILL ACQUIRE ITS BATTERY MAKER SIBLING

Electric-vehicle maker VinFast Auto said on Wednesday it would acquire a 99.8% stake in battery maker VinES from its founder Pham Nhat Vuong as it seeks to ramp up its integration in the production value chain and competitive advantage.

VinFast, which was backed by Vietnam's largest conglomerate Vingroup (VIC.HM), said the strategic acquisition of VinES, also a member in the Vingroup ecosystem, would help it secure the supply of batteries as the EV maker sought to save 5% to 7% on battery costs.

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