Hainan Drinda New Energy Technology, a Chinese photovoltaic (PV) developer and manufacturer, will invest $450 million in solar cell base production in Vietnam’s central province of Nghe An.
The Chinese firm and Hoang Thinh Dat Corp, a local industrial real estate developer, signed a memorandum of understanding for the project on Tuesday. Covering 50 hectares in Hoang Mai II Industrial Park in two phases, the project will have an annual output equivalent to 14 GW.
The first phase of the project, covering 30 hectares, is set to enter operation in the last quarter of this year.
At the signing ceremony, an executive of the Chinese firm said the firm had surveyed throughout Southeast Asia and concluded that Hoang Mai II Industrial Park was the optimal choice.
Nghe An Vice Chairman Bui Thanh An highlighted the investment is in line with the province’s target of becoming a hub for producing green energy and electronics items.
The central province has recently welcomed investments from high-technology giants, such as Luxshare, Goertek, Foxconn, Everwin, Juteng, Sunny, Runergy, Shandong, and Radiant Opto-Electronics.
Other strengths of Nghe An province are abundant land for project development, the local authorities’ willingness to aid investors, and a strong workforce, the provincial leader added. As a result, Nghe An became the eighth biggest foreign direct investment (FDI) attraction for Vietnam in 2023 with $1.61 billion, up from 10th in 2022 and 20th in 2021.