$400 M to be invested by Korea’s POSCO Future M in battery materials plant in Vietnam
To construct its first large-scale battery materials manufacturing facility in Vietnam, POSCO Future M plans to invest at least $400 million in Song Cong 2 Industrial Park in Thai Nguyen province, northern Vietnam.
The South Korean company and Viglacera, a Vietnamese industrial real estate company and Song Cong 2 Industrial Park investor, recently signed a land lease agreement for the relocation, Viglacera said last weekend. The project is the first overseas cathode materials production facility for POSCO Future M.
The signed agreement states that 37 hectares of the 300-hectare industrial park will be included in the project. Commercial production is anticipated to start in 2028, with construction anticipated to start in the second half of 2026.
The facility will supply battery materials to manufacturers of electric vehicles in the US, the EU, and South Korea. It is planned to have an annual capacity of 55,000 tons.
Since its founding in 1968, POSCO has grown beyond the steel industry to include battery materials, automotive parts, and energy. Its subsidiary, POSCO Future M, is positioned as a major player in the global supply chain for electronics and electric vehicles because it is one of the few businesses in South Korea that can produce both cathode and anode materials.
Global manufacturing and technology companies have invested more than $20 billion in the industrial park’s developer, Viglacera. Samsung, Amkor, Hyosung, Hana Micron, Foxconn, BYD, THK, and Canon are well-known investors.
