Quang Ninh inaugurates $65.3 million lithium-ion battery material plant

Quang Ninh inaugurates $65.3 million lithium-ion battery material plant

CoreMax Group has launched a $65.3 million plant in Quang Ninh to produce battery materials, boosting Vietnam's industrial growth and global supply chain integration.

On September 17, the Quang Ninh Economic Zone Authority, in collaboration with Taiwanese investor CoreMax Group, officially inaugurated phase one of the Vina CoreMax Vietnam Project at Nam Tien Phong Industrial Park based in Lien Hoa ward in the northeastern province of Quang Ninh. The ceremony also marked the unveiling of the project’s commemorative plaque.

With a total investment of $65.3 million, the project spans approximately eight hectares and is dedicated to producing high-purity nickel sulphate and cobalt sulphate crystals, key raw materials used in the manufacturing of lithium-ion batteries.

The facility is designed with an annual capacity of 49,280 tonnes, to be delivered in two phases: phase one is scheduled to become operational in September, followed by phase two in January 2027.

The project is a strategic component of CoreMax Group’s global expansion roadmap. Founded in 1992, CoreMax is a leading chemical manufacturer, supplying oxidation catalysts, speciality chemical materials, battery materials, and chemical fertilisers. Its decision to establish operations in Vietnam underscores the country's growing appeal as a regional industrial hub.

Vina CoreMax’s location in Nam Tien Phong Industrial Park offers significant logistical advantages, directly connected to major expressways including Hanoi–Haiphong and Haiphong–Ha Long–Mong Cai. This connectivity not only shortens transit time but also reduces transportation costs for both raw materials and finished products.

More broadly, the launch of the Vina CoreMax Vietnam Project aligns with Quang Ninh’s strategic focus on industrial development and the upcoming 16th Party Congress for the 2025-2030 term.

It also reaffirms the province’s commitment to fostering a transparent, investor-friendly environment backed by consistent policy support.

Once fully operational, the plant is expected to generate employment, boost export turnover, contribute to the local budget, and accelerate sustainable industrial growth through science, technology, and innovation.

Since the start of the current term, Quang Ninh has identified processing and manufacturing as new economic growth engines.

This vision was institutionalised through Resolution No. 01-NQ/TU, issued by the provincial Party Committee on November 16, 2020, targeting rapid and sustainable development of the sector.

As of 2024, the province has attracted $8.98 billion in investment into processing and manufacturing, including $6.74 billion in foreign direct investment (FDI), placing it among the country’s leading localities for industrial investment.

The sector has maintained an average annual growth rate of over 21 per cent, more than triple the rate in 2020, with total sectoral investment now reaching $2.04 billion.

The sector currently contributes nearly 13 per cent to the province’s regional GDP and accounts for 3.2 per cent of regional GDP growth.

Beyond its economic impact, it plays a pivotal role in social development by generating long-term employment and ensuring stable incomes. Over the past four years, industrial projects have created jobs for tens of thousands of workers, with the total number employed in the sector now reaching approximately 45,000.

These outcomes underscore the role of processing and manufacturing industries as dynamic drivers of Quang Ninh’s economic transformation, laying a strong foundation for long-term, innovation-led growth.

VIR