Chinese firm pours $450 mln in Việt Nam's solar panel production project
The two companies held a signing ceremony for the Memorandum of Understanding on the investment on Tuesday afternoon.
Hoàng Thịnh Đạt Corporation and Hainan Drinda New Energy Technology Co Ltd (China) have just announced a collaboration in the Solar Panel Manufacturing Plant project in Hoàng Mai II Industrial Zone.
The two companies held a signing ceremony for a Memorandum of Understanding on the investment on Tuesday afternoon.
Speaking at the event, Chu Xiao Hui, deputy general director of Hainan Drinda, highlighted the company's global leadership in photovoltaic cell manufacturing.
After thorough investment surveys in Southeast Asia, it chose to invest in the Hoàng Mai II Industrial Zone, part of Nghệ An Province's Southeast Economic Zone.
The project involves a Solar Panel Manufacturing Plant with a capacity of 14GW, spanning 50 hectares in two phases. Phase 1, covering 30 hectares, requires a total investment of US$450 million and an electricity demand of 70 MVA.
The construction is projected to be completed and operational for Phase 1 by the fourth quarter of 2024, showcasing the utilisation of the most advanced technology in the project.
The presence of other investors within the Hoàng Mai II Industrial Zone's investment ecosystem will foster socio-economic growth and create employment prospects for the local workforce.
Bùi Thanh An, deputy chairman of the provincial People's Committee, appreciated Hainan Drinda and the Solar Panel Production Project. This initiative will accelerate the shift towards renewable and clean energy, aligning with Việt Nam's commitment to achieving net-zero greenhouse gas emissions by 2050, An said. — VNS
