Are Chinese energy storage companies weighing investments in Vietnam?

HANOI, June 8 (Reuters) - Two Chinese makers of energy storage systems and batteries are weighing investments worth hundreds of millions of dollars in Vietnam, industry and government sources said. The combined value of the investments could exceed $1 billion, according to one person with direct knowledge of the discussions.

Does VinFast have a battery manufacturing facility in Vietnam?

Even with such advancements, VinFast has constantly sought new funding sources to develop its battery-making capability. Last December, VinFast announced its formal application to the Development Financial Corporation (DFC) for a US$500 million loan to establish a lithium-ion battery manufacturing facility in Vietnam.

Can energy storage be used in South-East Asia?

Business insights centering on South-east Asia's fast-growing economies. This type of energy storage system has been utilised alongside electrical grids and power plants in other countries, said Dung.

How much will China invest in Vietnam?

The combined value of the investments could exceed $1 billion, according to one person with direct knowledge of the discussions. A growing number of Chinese companies are launching or expanding manufacturing projects in Vietnam, a global export hub thanks to its array of free trade deals and cheap labour.

Will Growatt build a new factory in Vietnam?

Growatt New Energy, which leases a pre-fabricated plant in Vietnam, is planning to spend about $300 million to acquire about 15 hectares of industrial land to build a new factory, the first source said. A separate source familiar with the discussions also said Growatt plans to expand in Vietnam.

How much power will Vietnam have by 2050?

Under the landmark power strategy, Vietnam targets a total capacity of at least 2,700 MW and 30,650 MW for pumped storage hydropower and other battery storage sources by 2030 and 2050, respectively.