Vietnam's T&T Energy, China firms to cooperate in battery energy storage systems
T&T Energy Group JSC, under Vietnamese conglomerate T&T Group, will collaborate with Chinese firms Cospowers and Goldwind in battery energy storage systems (BESS).
The firms signed memoranda of understanding (MoU) for the move on Friday at the Vietnam-China business forum in Chongqing, with the attendance of Vietnamese Prime Minister Pham Minh Chinh.
The move aligns with the global trend of embracing renewable energy, with storage systems playing a crucial part in the sector.
Nguyen Thi Thanh Binh (front, third, right), deputy general director of T&T Group, at an MoU signing ceremony within the Vietnam-China business forum in Chongqing, China, November 8, 2024. Photo courtesy of Vietnam News Agency.
T&T Energy and Cospowers will study the construction of factories to manufacture BESS and batteries for telecommunications facilities. T&T Energy will focus on suitable locations and administrative procedures, while Cospowers will provide technology, management, markets, and customers.
For the first phase, the two sides aim to build a 2GWh factory with an investment of VND193 billion ($7.64 million). The next phase can follow up in two to three years, increasing the capacity to 10 GWh.
T&T Energy and Goldwind will jointly study, build, and operate BESS factories, aiming to serve wind power projects in Vietnam. Goldwind will provide T&T Energy with information and experiences to build up supporting industrial parks for the energy sector, supply products to the domestic market, and export.
The collaboration can help Vietnam improve the localization rate of such products, helping renewable energy investors in Vietnam reduce costs.
At the forum in Chongqing, businesses of Vietnam and China signed many MoUs:
- An MoU between Vietnam Railway Corporation, Vietnam's telecom giant Viettel and China's New Land-Sea Corridor Operation Co., Ltd.
- A strategic cooperation framework agreement between Vietnam's Railway Transport and Trade JSC and China's supply chain management company Yuxinou
- An MoU between Vietnam's Viettel Post and China's Sunwah Group
- An MoU between Vietnam Marine Corporation and China's Sinotrans Company.
- An MoU between Vietnam's T&T Energy Group and China's Cospowers
- An MoU between T&T Energy Group and China's Goldwind
At the forum, Prime Minister Pham Minh Chinh highlighted Vietnam's advantages to attract Chinese investors. The country has joined 17 free trade agreements with 65 top markets around the world. The growing Vietnam-China comprehensive strategic partnership can be embraced with further economic-trade-investment activities, the government chief noted.
As of end-October 2024, mainland China was the sixth-biggest foreign investor in Vietnam, with 4,965 projects worth $29.96 billion, according to the Ministry of Planning and Investment.
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