During a meeting with Deputy Prime Minister Tran Luu Quang on November 6, Jifan Gao, the Chairman and General Manager of Trina Solar, revealed their plans to invest an additional $420 million in Thai Nguyen. This expansion in Thai Nguyen solidifies Vietnam as Trina Solar’s primary overseas investment destination in the photovoltaic field. Trina Solar has already invested $478 million in two factories located in Yen Binh Industrial Park. The motive behind this move is to enhance exports to the United States, following the imposition of US tariffs on Trina Solar’s products manufactured in Thailand.
Deputy Prime Minister Tran Luu Quang acknowledged that renewable energy development is a crucial part of Vietnam’s commitment to achieve net-zero gas emissions by 2050. Vietnam is actively establishing specific mechanisms to stimulate the growth of renewable energy, particularly solar energy. Therefore, Trina Solar’s investment not only supports the local businesses’ participation in the global supply chain but also contributes to the development of Vietnam’s renewable energy sector.
Trina Solar’s existing ventures in Vietnam encompass the solar energy manufacturing plant in Van Trung Industrial Park, located in the northern province of Bac Giang. This facility, completed in January 2017 with an investment of approximately $100 million, has a total production capacity of 1GW. Additionally, Trina Solar initiated the construction of a solar energy development factory in Thai Nguyen in December 2020, investing around $203 million. Furthermore, in 2022, Trina Solar Wafer Vietnam Co., Ltd. was established with an investment of $275 million to develop a factory producing silicon bars and monocrystalline silicon sheets.