Hong Kong-invested battery maker GPPD raises Vietnam investment to $35 mln
Singapore-incorporated GPPD Pte. Ltd., a subsidiary of Hong Kong-based Gold Peak Technology Group Limited, has increased its investment in Vietnam’s southern province of Binh Phuoc to $34.6 million.
The firm, known for Voniko battery brand, launched its Vietnam factory worth $30 million in the Becamex-Binh Phuoc Industrial Park in October 2020.
In late November, it received an investment registration certificate, the fourth adjustment, to hike the investment capital to $34.6 million, according to a recent project report.
GPPD Pte. Ltd. aims to make the additional capital contribution of $4.6 million next month.
GPPD factory in Binh Phuoc province, southern Vietnam. Photo courtesy of Voniko.
The project started operating its first phase from May 2021, with an annual capacity of 336 million mercury-free alkaline batteries and components, equivalent to 6,503 tons.
Its second phase of 264 million mercury-free alkaline batteries and components, equivalent to 4,919 tons, started trial production in June 2024 and aims to reach official production next month.
The third phase aims to reach a yearly output of 700 million mercury-free alkaline batteries and components, equivalent to 14,838 tons. The firm strives to install equipment in March-April 2025, conduct trial production in October 2025-March 2026, and enter official operation in April 2026.
Overall, GPPD targets to double its production to 1.3 billion batteries and components a year. It currently employs 240 people and aims to up the workforce to 300 for the third phase.
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