Boway Group to invest $350 million in solar manufacturing facility

On August 21, Boway Group, a wholly Chinese-invested conglomerate, inked a land lease agreement in Cong Hoa Industrial Park with Vietnam's Rubber Urban Development and Industrial Park JSC. This collaboration is set to pave the way for the new project that will be spearheaded by the Boway Group.

Securing the entirety of a 20-hectare plot, the business has ambitious plans on the horizon. With a projected investment of approximately $350 million, the group will establish a state-of-the-art facility focused on the production of photovoltaic cells, solar energy conversion modules, and advanced alloy strips.

Anticipating a swift trajectory, the manufacturing plant is scheduled to commence operations in 2024.

Boway Group is renowned for its solar panel and energy conversion module products. Its extensive catalogue offers two primary varieties, monocrystalline and polycrystalline, with each variant available in a range of specifications and sizes.

The company boasts cutting-edge production lines equipped with imported machinery. Strict adherence to on-site management processes ensures that the produced items consistently display superior attributes, such as high conversion rates, remarkable stability, and minimal degradation.

Presently, Boway operates three companies in the northern province of Bac Giang, all of which are dedicated to the solar energy field.

As stated on its company website, "Boway Group was founded in 1987. Over 36 years of rapid development, it has owned 10 professional manufacturing bases in China, Germany, Canada, and Vietnam, and has developed into an international technology-based manufacturing enterprise group that integrates new materials with new energy industries."

In addition, the Chinese company has further expanded its collaborations with Vietnam’s academic institutions.

On August 22, representatives from Red Star University in Hai Duong held a meeting with BOVIET, a solar energy company under the Boway Group, aiming to forge an education, research, and student employment partnership to enhance the mission and strategic development of both parties.

On December 28, the Hanoi University of Science and Technology – Vietnam’s premier STEM school – and Boway also reached an agreement to embark on a five-year collaboration.

The commitment is expected to leverage the unique strengths and capabilities of both parties. While the partnership spans multiple domains, it particularly emphasises sectors such as solar photovoltaic panel production, renewable energy, nano materials, and advanced alloys.

Boway Group has committed to providing both financial and logistical support. This backing will enable students and faculty members from the university to undertake internships, research studies, and final-year projects at Boway's affiliated companies, such as BOVIET and BEDRA.

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