Vietnam car company Vingroup starts work on $174 million EV battery plant

FILE PHOTO: The VinFast LUX A2.0 is seen at t is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Benoit Tessier

HANOI (Reuters) - Vietnam's biggest conglomerate Vingroup said on Sunday it had started building a $174 million battery cell plant for its VinFast electric vehicles business so the company can own its battery supply chain.

VinFast became the country's first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.