AD Green launches $45 mln solar panel plant in northern Vietnam

By Nguyen Thuy
Tue, June 20, 2023 | 4:13 pm GMT+7

Vietnamese private conglomerate Damsan’s AD Green has inaugurated a $45 million, 3-gigawatt factory in northern Vietnam, manufacturing solar panels for domestic and overseas markets.

The facility covers almost 8 hectares at the An Ninh industrial complex in Tien Hai district, Thai Binh province.

AD Green CEO Vuong Quoc Duong said they will begin shipping products to customers within and outside the country this month.

Production equipment at the AD Green factory in Thai Binh province, northern Vietnam. Photo courtesy of the firm.

Production equipment at the AD Green factory in Thai Binh province, northern Vietnam. Photo courtesy of the firm.

Manufacturing solar panels is a new business for Thai Binh-based Damsan. AD Green aims to be a Southeast Asian solar industry pioneer with state-of-the-art technologies and commitment to sustainability, Duong said.

"We are investing in research and development to create highly efficient solar panels that generate clean energy while providing cost-effective solutions for our customers that meet rigorous international standards. We are committed to providing reliable and efficient solar energy solutions to meet the growing global demand and drive the transition towards a sustainable future."

In its first phase, AD Green will have an annual production of 0.5 GW. It targets installing its maximum capacity of 3 GW within the next 12 months. At peak capacity, the plant will supply around 480,000 panels monthly, employing about 600 workers.

Solar is the fastest-growing form of electricity generation in the U.S. and most developed countries. AD Green looks to take advantage of the U.S. tariff exemption for solar panels from Vietnam announced on June 6, 2022 with U.S. Presidential Proclamation 10414.

This 24-month exemption is for solar panels and modules imported to the U.S. from Vietnam, Thailand, Malaysia, and Cambodia. On May 16, U.S. President Joe Biden vetoed a Congress resolution that would have undone his two-year exemption.

AD Green says U.S. solar energy demand is skyrocketing, opening new opportunities for the company to expand its market presence.

Damsan was established in 2006 and has built its reputation in diverse sectors, including manufacturing, textiles, and real estate. This May, it signed a partnership deal with Hong Kong-headquartered ET Solar to develop a 5 GW solar panel factory, also in Thai Binh province. ET Solar said the total investment can go up to $600 million, providing around 1,000 new jobs.

The Hong Kong firm, one of the world’s leading solar module manufacturers, operates its own Vietnam factory in the northern province of Bac Giang. The $30 million project was licensed in 2019.

Meanwhile, Sun Pacific Power Corp. (SPPC) signed earlier this month an exclusive contract to purchase and distribute solar panels in the U.S. on behalf of its Vietnam-based partner GEP New Energy Co. New Jersey-headquartered Sun Pacific Holding, which wholly owns SPPC, announced on June 9 that the two-year contract aims to support the green energy holding company’s new marketing and distribution program.

Comments (0)
  • Read More
Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam

Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam

Viettel Post, a subsidiary of military-run Viettel Group, has broken ground on an over VND722 billion ($27.41 million) logistics center project in Danang city, which is expected to enhance the logistics capacity of Vietnam's central and Central Highlands regions.

Industries - Sun, October 19, 2025 | 7:35 pm GMT+7

Vietnam's stock market regulator introduces green bond disclosure handbook

Vietnam's stock market regulator introduces green bond disclosure handbook

By enhancing transparency and standardizing disclosures, the Green Bond Disclosure Handbook that the State Securities Commission of Vietnam (SSC) introduced will build investor trust, reduce greenwashing risks, and support the growth of a credible and resilient green finance market in Vietnam.

Finance - Sun, October 19, 2025 | 2:11 pm GMT+7

Central Vietnam province Lam Dong seeks investment for 72 projects

Central Vietnam province Lam Dong seeks investment for 72 projects

The Lam Dong province People's Committee has called for investment in 72 projects across various sectors which are set for implementation in 2025 and the 2026-2030 period.

Industries - Sun, October 19, 2025 | 1:31 pm GMT+7

Vietnam's leading conglomerate Vingroup ventures into senior living market

Vietnam's leading conglomerate Vingroup ventures into senior living market

Vingroup JSC (HoSE: VIC) has unveiled Vin New Horizon, a network of premium retirement and wellness communities built to international standards, marking the Vietnamese conglomerate’s strategic entry into the senior living market.

Industries - Sun, October 19, 2025 | 12:28 pm GMT+7

Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years

Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years

Vietnam’s agri major Hoang Anh Gia Lai JSC's (HAGL) return to real estate is an accident, after discovering a plot of land the company had “forgotten for 15 years” during its boom years, said chairman Doan Nguyen Duc.

Companies - Sun, October 19, 2025 | 10:02 am GMT+7

REE to set up 2 subsidiaries for wind projects in southern Vietnam

REE to set up 2 subsidiaries for wind projects in southern Vietnam

Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (HoSE: REE) has decided to establish two wholly-owned subsidiaries to develop two wind power projects in Vinh Long province, expanding its renewable energy portfolio in southern Vietnam.

Energy - Sun, October 19, 2025 | 8:00 am GMT+7

Australian CEO detained, NSH Petro’s recovery hopes collapse

Australian CEO detained, NSH Petro’s recovery hopes collapse

The recovery prospects of NSH Petro (PSH) have dimmed after its Australian CEO was detained on allegations of fraud involving false promises of billion-dollar financing that led to the misappropriation of nearly $4.9 million.

Companies - Sat, October 18, 2025 | 6:53 pm GMT+7

Maintaining market status upgrade a bigger challenge: official

Maintaining market status upgrade a bigger challenge: official

Vietnam's stock market status will be upgraded by FTSE Russell from "frontier" to "secondary emerging" from September 21 next year, but continued reform is critical as the bigger challenge is to maintain the new classification, said a market watchdog official.

Finance - Sat, October 18, 2025 | 1:30 pm GMT+7

HCMC partners with Nasdaq to develop int’l financial center

HCMC partners with Nasdaq to develop int’l financial center

The Finance Department of Vietnam’s southern metropolis Ho Chi Minh City has signed an MoU with the U.S.-based stock exchange Nasdaq on the development of an international financial center (IFC).

Top News - Sat, October 18, 2025 | 11:56 am GMT+7

Vingroup plans $325 mln issuance of international bonds

Vingroup plans $325 mln issuance of international bonds

Vietnam's leading private conglomerate Vingroup (HoSE: VIC) has announced a board of directors resolution to issue $325 million worth of international bonds, with a five-year term and a yield of 5.5% per year.

Companies - Sat, October 18, 2025 | 10:26 am GMT+7

Vietnam raises personal income tax deductions by over 40%

Vietnam raises personal income tax deductions by over 40%

The Standing Committee of Vietnam’s National Assembly, the country's legislature, on Friday approved a resolution on adjusting personal income tax (PIT) deductions, marking a significant increase of over 40% from current levels.

Economy - Sat, October 18, 2025 | 9:11 am GMT+7

EVN subsidiary spreads the spirit of solidarity, compassion

EVN subsidiary spreads the spirit of solidarity, compassion

The employees of National Power Transmission Corporation (EVNNPT) came together in an inspiring display of unity and compassion in October, each donating one day’s salary to support and express solidarity with the people of Cuba - a nation that has long shared a special friendship with Vietnam.

Companies - Sat, October 18, 2025 | 9:00 am GMT+7

Property fever prompts tighter inspection in central Vietnam's economic hub Danang

Property fever prompts tighter inspection in central Vietnam's economic hub Danang

Chairman of Danang city People’s Committee, Pham Duc An, has ordered a comprehensive inspection and audit of land valuation and auction activities to prevent and address market manipulation that could destabilize the local property market.

Real Estate - Sat, October 18, 2025 | 8:00 am GMT+7

Vietnam mulls opening door for private investment in small modular reactors

Vietnam mulls opening door for private investment in small modular reactors

Vietnam’s Ministry of Industry and Trade has drafted a parliamentary resolution that, for the first time, would allow private companies to participate in the development of small modular nuclear reactors (SMRs).

Energy - Fri, October 17, 2025 | 4:37 pm GMT+7

Kido seeks buyer for remaining 49% stake in frozen food affiliate

Kido seeks buyer for remaining 49% stake in frozen food affiliate

Kido Group (HoSE: KDC), a leading food company in Vietnam, has approved a plan to divest the firm's remaining 49% stake in its affiliate Kido Frozen Food JSC (Kido Foods).

Companies - Fri, October 17, 2025 | 4:25 pm GMT+7

Le Ngoc Quang appointed Danang city's Party chief

Le Ngoc Quang appointed Danang city's Party chief

Le Ngoc Quang, a Party Central Committee member and Party chief of Quang Tri province, has been appointed Party chief of Danang for the 2025-2030 term - the highest position in the city, central Vietnam's economic hub.

Politics - Fri, October 17, 2025 | 4:17 pm GMT+7