China-headquartered Jinko Solar put its VND17.4 trillion ($709.1 million) factory in Quang Ninh province into operation on Sunday.
The 31.3-hectare facility is one of the few projects in Quang Ninh to have completed procedures and received an investment certificate within only 24 hours after submission of documents.
The factory, located in Song Khoai Industrial Park, is set to generate revenue of VND100 trillion ($4.07 billion) per year and employ 4,500 people. Once preferential policies expire, the project will contribute VND1.4 trillion ($57.1 million) to the state budget annually.
At the company's inauguration ceremony on Sunday, Quang Ninh authorities also granted an investment certificate to another project invested by Jinko Solar, a $1.5 billion solar cell complex.
At the event, Bui Van Khang, Vice Chairman of Quang Ninh province, asked relevant agencies and the industrial park, invested by Thailand’s Amata, to cooperate with Jinko Solar to provide infrastructure for the investment and attached projects.
Khang also emphasized that Jinko Solar’s investment highlighted the province’s efforts to help investors, improve the investment environment, and transition its economy to more manufacturing activities.
Speaking at the event, Chen Kangping, CEO of Jinko Solar, appreciated Quang Ninh authorities’ support for the project. Quang Ninh facilities now account for 50% of the firm’s overseas output, the executive added.