China firm to invest $15 mln in making batteries in northern Vietnam
China-invested Dongguan Lithium Energy Technology Co. Ltd. will invest $15 million in manufacturing batteries in Vietnam’s northern province of Hai Duong.
The investment will be made at its facility in Phu Thai Industrial Park, according to Hai Duong's industrial park authority. The industrial park has so far attracted 24 projects worth $100 million, with nearly 100% occupation rate.
A corner of Phu Thai Industrial Park in Hai Duong province, northern Vietnam. Photo courtesy of Hai Duong newspaper.
The project has an annual capacity of 600,000 golf cart batteries, uninterruptible power supply devices, batteries; 650,000 battery management devices and inverters; 300,000 controllers and engines.
Other activities include energy management system (EMS) software and export of other items.
The firm aims to complete administrative procedures in the first quarter of 2025, install equipment and recruit workers in Q1-Q3/2025, and enter trial operation in Q3/2025.
Registered foreign direct investment (FDI) in Vietnam hit $38.23 billion in 2024, down 3% year-on-year, while disbursed FDI capital reached $25.35 billion, the General Statistics Office reported.
Hai Duong ranked 15th among all cities and provinces with $816.9 million in registered FDI, down 34.5% year-on-year.
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