TTI Group to invest $150 million solar panel plant in Ho Chi Minh City
10:27 | 25/02/2019 Print Article
TTI, Inc. from the US has expressed interest in developing a solar panel manufacturing plant and an R&D centre in Saigon Hi-Tech Park (SHTP) in Ho Chi Minh City with the total investment capital of $150 million.
|The manufacturing plant of TTI Group will take up 10 hectares in SHTP |
At a working session with representatives of SHTP, H. J. Pudwill, chairman of TTI Group, released that the plant and the centre will cover an area of 10 hectares.
Le Bich Loan, deputy head of the Managing Board of SHTP, said that at present, there are 16 hectares of vacant land in the park, thus, the managing board welcomes the investment of TTI.
SHTP is the country’s leading destination for high-tech projects and has gradually formed an urban area for scientific R&D purposes in the city. It has been involved in building high-quality human resources, new manufacturing facilities, as well as promoting business incubation and high-tech startups. It is expected that SHTP will contribute an annual $1-1.5 billion per year to the national budget from 2020 onwards.
It is the investment destination of numerous large-scale groups, including Japanese conglomerate of electric motors Nidec Corporation.
As of the end of October 2018, SHTP granted investment licenses to 148 projects, including 93 domestic projects worth over VND38 trillion ($1.65 billion) and 55 foreign-invested ones worth $5.4 billion. Some of the major investors are the world’s leading high-tech firms like Intel, Sanofi, Samsung, Schneider, Datalogic, and Jabil.
The park has so far raked in nearly $45 billion in total high-technology production value. This figure is expected to reach $14 billion in 2018 and over $20 billion in 2020.
SHTP established five laboratories and published more than 40 research articles on ISI journals and domestic magazines. It has also had four intellectual property products announced and seven products commercialised. Its business incubator has supported 25 projects to successfully commercialise their products.
TTI is a world leader in power tools, accessories, hand tools, professional and industrial users in home improvement, repair, maintenance, construction, and infrastructure development. TTI is accelerating the transformation of these industries through environmentally friendly cordless technology.