Toyo Solar, a subsidiary of Japan-headquartered Vsun Solar, has inaugurated the first phase of its $200 million solar cell factory in Phu Tho province, northern Vietnam.
In an announcement last week, the firm said the first phase with an annual capacity of 4 GW can achieve a cell conversion efficiency of 24.3% for TOPCon cells, while the rate will reach 95.4% for A-grade cells. The 4-GW second phase is set to finish in 2024.
Toyo Solar will continue to deepen its presence in the photovoltaic industry, advance in the journey of harnessing solar energy, drive innovation to provide high-quality products and services to the market, and further enhance communication and cooperation with various sectors to share development opportunities, the firm emphasized.
Phu Tho Vice Chairman Nguyen Thanh Hai said at the event: "Phu Tho province will continue to support the projects of Toyo Solar, aiming to create a development platform for mutual benefit and win-win cooperation."
Phu Tho province awarded an investment certificate to the project in November 2022. The 13-hectare project at Cam Khe industrial park is set to employ 700 people and use eco-friendly technology.