According to Reuters, Chinese solar panel manufacturer Trina Solar is planning to build a third factory in Vietnam.
This news agency commented that this is a move that will promote exports to the US after tax sanctions were applied to battery products. Solar Made in Thailand.
Trina Solar is one of the world’s largest solar panel manufacturers by revenue. The expected investment is about 400 million USD and the factory has 25 hectares of industrial land. One of the sources with direct knowledge of the plans told Reuters that production will begin in 2025. Another source said that Trina has proposed the possibility of investing 600 million USD in Vietnam.
The sources declined to be named because details of the project remain confidential. Trina did not respond to Reuters’ request for comment.
Reuters said that information about Trina’s investment in Vietnam comes after an investigation by the US Department of Commerce concluded last month that Trina is among five Chinese solar energy companies, using factories in Thailand and Southeast Asian countries to avoid taxes.
To date, the tariffs expected to take effect from mid-2024 only affect Trina’s operations in Thailand. However, the fact that Chinese companies build factories in Southeast Asia to produce and export to the US is still closely monitored.
According to S&P Global Market Intelligence, the leading manufacturing countries in the region account for about 80% of the US’s solar panel supply, of which Vietnam provided about 1/3 of the total US solar panel imports in the quarter. this early year.
In Vietnam Nam, Trina is currently one of the largest solar panel manufacturers. And the company’s planned investments are increasingly aimed at reducing geopolitical and trade tensions between China and the US.
Also according to Reuters, Trina has two factories in Vietnam: One started producing silicon wafers last month with an expected annual output of 6.5 gigawatts (GW) and another factory produces batteries and panels. sun.
It is unclear what products the new factory will produce. One source said it will focus on solar cell production, while another said silicon wafers. And the company is looking at many different industrial parks. Another source said Trina Vietnam’s power supply issue is being considered as the company considers expansion options.