Chinese battery firms eye big investments in Vietnam
According to industry and government sources, two Chinese companies are considering investing hundreds of millions of dollars in Vietnam to expand their energy storage and battery manufacturing businesses.
The investments could exceed $1 billion, and if one of the companies, Xiamen Hithium Energy Storage Technology, finalizes its investment at $900 million, it would become one of the largest foreign investors in Vietnam. Another Chinese company, Growatt New Energy, is planning to spend about $300 million to build a new factory. Both companies are in discussions with various authorities and industrial parks to determine potential locations for their plants.
Vietnam’s growing economy and renewable energy market make it an attractive destination for investment. However, the country has yet to pass legislation that would permit the use of energy storage facilities to strengthen its power network.