8-6-2023 (HANOI) Two Chinese energy storage systems and batteries makers are considering investing hundreds of millions of dollars in Vietnam, according to industry and government sources. Xiamen Hithium Energy Storage Technology is looking to potentially invest up to $900 million to build a plant on more than 30 hectares of industrial land, while Growatt New Energy is planning to spend about $300 million to acquire 15 hectares of industrial land to build a new factory. The combined value of the investments could exceed $1 billion.
Vietnam has become a popular destination for Chinese companies looking to launch or expand their manufacturing projects, thanks to its array of free trade deals and cheap labour. Both Hithium and Growatt are in talks with multiple authorities and industrial parks about potential locations for their plants.
Vietnam’s booming economy is grappling with frequent power cuts due to increasing demand, climate change and a weak power grid. It is also a growing market for renewable energy. However, it has yet to pass legislation that would permit the use of energy storage facilities to strengthen its power network.
Hithium specialises in manufacturing stationary energy storage products, including cells and larger containers that help manage the intermittent supply of energy from solar or wind farms. The global stationary energy storage market is estimated to jump in value to roughly $224 billion by the end of the decade from just over $31 billion in 2021, according to Precedence Research.
