GoodWe Vietnam Technology Co. Ltd., under Chinese photovoltaic inverter manufacturer and smart energy solution provider GoodWe, has opened a factory in the northern coastal city of Hai Phong.
In a Tuesday statement, GoodWe said the factory was its first overseas facility and third overall. The other two plants are in the Chinese localities of Guangde and Suzhou.
The establishment of a factory in Vietnam is a significant milestone in its global expansion strategy, the company said.
Covering 1.5 hectares, the factory will specialize in the production of grid-tied and hybrid inverters initially, catering to markets in North America and key Asian regions.
By establishing local production in Vietnam, GoodWe aims to become more price competitive in global markets, while delivering more products tailored to the diverse needs of residential, commercial & industrial and utility applications.
Currently, GoodWe has more than 5,000 employees worldwide and its photovoltaic inverters have been installed in over 100 countries with a cumulative capacity of 52 GW.
Vietnam is the top solar photovoltaic (solar PV) supplier in Southeast Asia, accounting for 5% of the global supply, the Asian Development Bank (ADB) said in a report released in August 2023.
The ADB report called Southeast Asia a global manufacturing hub of the world with 9-10% of the world’s cells and modules capacity. Most manufacturing capacity in the region has been established by manufacturers from China, such as Jinko Solar and JA Solar in Vietnam, it noted.
Vietnam’s proximity to China, its northern neighbor, is perceived as significant benefit related to delivery time of input materials, the report said.
Vietnam is home to many major solar panel producers, including the U.S.'s First Solar, local firm Irex Solar, Canada-invested Vina Solar and China-invested HT Solar, Trina Solar and JA Solar.