6-11-2023 (HANOI) Trina Solar, a prominent Chinese solar panel manufacturer, is set to bolster its investment in Vietnam’s northern province of Thai Nguyen by an additional US$420 million, thereby increasing its total investment in the country to nearly US$900 million. This decision comes on the heels of our exclusive report in September, which detailed Trina’s plan to invest US$400 million in a new plant in Vietnam.
Following a meeting between Trina’s Chairperson, Gao Jifan, and Deputy Prime Minister Tran Luu Quang, Gao expressed optimism that he would receive support from local authorities for researching and investing in rooftop solar power projects. Trina, founded in 1997, ranks among the largest solar panel manufacturers in Vietnam and currently operates two plants in Thai Nguyen, approximately 82 kilometers from the capital city of Hanoi.
The statement issued did not specify whether the additional investment would be used for a third Trina Vietnam facility or if it might be allocated for other projects, such as expanding existing plants.
Trina’s increased investment in Vietnam follows a recent investigation by the US Department of Commerce, which concluded in August that Trina was among five Chinese solar firms using facilities in Thailand and other Southeast Asian nations to circumvent punitive tariffs imposed on Chinese-made panels.
According to Vietnamese government data, China and Hong Kong collectively emerged as the leading foreign investors in Vietnam during the first ten months of this year.
