2 Chinese companies consider investing 1 billion USD in battery factories in Vietnam

13/06/2023

China is likely to lead the top investors in Vietnam if the production project is approved.

Citing news sources, Reuters news agency (USA) said that two Chinese manufacturers of energy storage systems and batteries are considering venture investment in Vietnam. The total investment capital of these two investors will reach 1 billion USD.

Reuters news agency added that Xiamen Hithium Energy Storage Technology, a company operating in the battery manufacturing sector and expanding its operations strongly in Europe and the US, is likely to invest up to $900 million to build. a factory building with an area of more than 30 hectares in Vietnam.

Growatt New Energy, a company that exports battery systems and energy storage inverters, which already have its factory in Vietnam, is considering spending another $300 million to expand its production scale.

According to the Ministry of Planning and Investment, in 2022, China will invest about 2.52 billion USD in Vietnam with 283 new projects, ranking 4th among all countries investing in Vietnam. From the beginning of the year to May 20, 2023, China’s investment capital reached 1.6 billion USD, up nearly 42% over the same period.

Source: 24h

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