China's Exquisite Power launches $20 mln battery factory in Vietnam
China-invested Vietnam Exquisite Power Technology Company Limited launched its $20 million factory in Vietnam’s northern coastal city of Hai Phong on Friday.
The opening ceremony took place nearly 1.5 years after the project was given an investment registration certificate in July 2023.
According to the certificate, the project has an annual capacity of 380 Li-ion batteries, equivalent to 800 KWh; and 520,000 Ni-MH batteries, equivalent to 1,700 KWh. Overall, its yearly capacity is 900,000 items, equivalent to 2,500 KWh. It covers 1.37 hectares in Nam Dinh Vu Industrial Park.
Exquisite Power launches its factory in Hai Phong city, northern Vietnam, January 17, 2025. Photo courtesy of Hai Phong news portal.
Speaking at the ceremony, Le Trung Kien, head of the Hai Phong Economic Zone Authority (HEZA), said the factory highlights Hai Phong’s capacity to receive investments. The launch of the factory also commemorates 75 years of Vietnam-China diplomatic relation (1950-2025), he noted.
Kien also highlighted Hai Phong's strengths including traffic connection with China via the Mong Cai-Hai Phong expressway and Kunming-Lao Cai-Hai Phong railway. The city also provides incentives for foreign investors, especially Chinese ones, in line with green growth and net-zero targets.
China is now a major foreign investor in Hai Phong with 241 projects and the total capital of $6 billion, or 23% of the total FDI in the city.
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