Vietnam's T&T Energy, China firms to cooperate in battery energy storage systems

By Tri Duc
Sat, November 9, 2024 | 12:12 pm GMT+7

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.

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.

Comments (0)
  • Read More
Halal market presents major opportunities for Vietnamese businesses

Halal market presents major opportunities for Vietnamese businesses

The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.

Economy - Thu, August 7, 2025 | 9:18 pm GMT+7

Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant

Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant

Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.

Industries - Thu, August 7, 2025 | 8:03 pm GMT+7

Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.

Energy - Thu, August 7, 2025 | 5:07 pm GMT+7

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.

Companies - Thu, August 7, 2025 | 4:31 pm GMT+7

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.

Energy - Thu, August 7, 2025 | 4:17 pm GMT+7

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.

Economy - Thu, August 7, 2025 | 2:21 pm GMT+7

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.

Companies - Thu, August 7, 2025 | 2:01 pm GMT+7

Indonesia, Malaysia, Thailand expand local currency transaction network

Indonesia, Malaysia, Thailand expand local currency transaction network

Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.

Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7

ASEAN to sign MoU on regional power grid implementation

ASEAN to sign MoU on regional power grid implementation

ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.

Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.

Companies - Thu, August 7, 2025 | 12:41 pm GMT+7

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.

Economy - Thu, August 7, 2025 | 12:19 pm GMT+7

Malaysia pledges big purchases, investments with US

Malaysia pledges big purchases, investments with US

Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.

Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.

Companies - Thu, August 7, 2025 | 10:11 am GMT+7

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.

Economy - Thu, August 7, 2025 | 9:57 am GMT+7

Malaysia steps up efforts to explore nuclear energy potential

Malaysia steps up efforts to explore nuclear energy potential

Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.

Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7

Indonesia's economy grows faster than expected

Indonesia's economy grows faster than expected

Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).

Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7