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Foreign investment flows into solar energy

Vietnam has become an attractive destination for Chinese and Taiwanese solar panel makers who want to make use of tax advantages to export to the US and Europe, according to Dau Tu newspaper.
Foreign investment flows into solar energy ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Vietnam has become an attractive destination for Chinese andTaiwanese solar panel makers who want to make use of tax advantages to exportto the US and Europe, according to Dau Tu (Investment) newspaper.

Recently,Chinese companies GCL-SI and Trina Solar signed contracts with Vietnam-basedVina Solar Technology Co., Ltd on solar cell manufacturing at Vietnamese plants.

TheGCL-SI company announced plans to invest 32 million USD in the partnership withVina Solar.

Presidentof GCL-SI Shu Hua said the investment brings production cost advantages for thecompany and helps it arrange the supply chain.

Thismove also increases competitiveness and allows the firm to make inroads intothe US and European markets since both apply trade barriers against solarpanels made in China and China’s Taiwan, according to a report of GCL-SI.

Withinvestment of 100 million USD, Trina Solar has completed the construction of asolar cell manufacturing project with annual capacity of 800MW in the northernprovince of Bac Giang.  

Accordingto the deal, Vina Solar will supply and assemble PV modules for Trina Solar.

Presidentand CEO of Trina Solar Jifan Gao said the factory is a result of his company’sglobal strategy following its cell factories in Malaysia and Thailand.

Thecooperation will bring mutual benefits and cutting-edge solar technology forVietnam and create about 1,000 local jobs, he added.

LastNovember, China’s JA Solar Group launched a one-billion-USD project to build asolar cell manufacturing plant at Quang Chau industrial park in Bac Giang.

Theprovince has become a solar cell manufacturing centre in Vietnam with eight licensedprojects capitalized at 635 million USD, which have total capacity of 5,200 MWa year.

Globaldemand for solar panels is forecast to gradually increase, while installationand production costs will continue falling, according to the InternationalRenewable Energy Agency.

Thisis why the solar cell industry in Vietnam is warming up after the failure of severalprojects in the past, including the 300-million-USD project of Global Sphere inthe central province of Thua Thien-Hue and IC Energy’s 390-million-USD investmentin the central province of Quang Nam./.

VNA
#solar energy #foreign investment
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