Chinese-backed Jinko Solar Vietnam targets $2.4 bln revenue

Jinko Solar (Vietnam) Industries Company Limited, based in the northern province of Quang Ninh, targets revenues of $2.4 billion this year, a threefold year-on-year increase.

The company is a subsidiary of Chinese solar module manufacturer Jinko Solar.

Senior executives of the company mentioned the revenue target at a meeting with Nguyen Xuan Ky, chief of Quang Ninh's Party Committee, who visited their factory at the Song Khoai Industrial Park on Saturday, the first day of Lunar New Year (Tet) holiday 2024.

They also said that 1,800 workers of the total of 5,000 who work for the firm’s two factories would work through the holiday.

The firm will triple the daily income for workers during the holiday, grant Tet bonuses of VND3 million ($122.8) per head, and conduct lucky draws, they added.

The executives also noted that Jinko Solar would inaugurate a workers’ housing project in April that will accommodate 2,000 people.

Quang Ninh Party Secretary Ky asked local authorities to facilitate the workers’ housing project, adding that the model should be adopted by others. "Quang Ninh province will provide the best facilitation for Jinko Solar’s operations," he added.

Song Khoai Industrial Park, which has Thailand’s leading industrial developer Amata, as its investor, is also known as Amata City Ha Long. It has so far attracted 14 foreign-invested projects with a total registered capital of $2.4 billion. This year, seven projects are set to enter operation, notably those of Foxconn and Autoliv.

In October 2023, Jinko Solar put its VND17.4 trillion ($709.1 million) factory into operation. It was expected to generate revenues of VND100 trillion ($4.07 billion) per year and employ 4,500 people.

At the factory’s inauguration ceremony, Quang Ninh authorities also granted an investment certificate for another Jinko Solar project, a $1.5 billion solar cell complex.