Hainan Drinda New Energy enters Vietnam with $450 million solar project

April 08, 2024 | 09:57
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A $450 million solar energy panel production project has recently been inked in late March between Chinese firm Hainan Drinda New Energy Technology and Nghe An People's Committee.
Hainan Drinda New Energy enters Vietnam with $450 million solar project

The Chinese company has expressed its intent to invest in a large-scale solar panel production project with a designed capacity of 14GW, divided into two phases, covering an area of 50 hectares in Hoang Mai II Industrial Park in the central province.

The project is expected to receive an investment of about $450 million for the first phase, slated for completion by the end of this year.

The company meticulously researched various countries in the Southeast Asian region for this project and ultimately opted for Vietnam, showcasing significant expectations upon its investment decision.

Hainan Drinda is poised to join the list of Chinese investors engaging in solar energy panel projects in Vietnam. Currently, Chinese companies hold at least 60 per cent of the market share for photovoltaic module in Vietnam, with prominent names like Vina Solar, JA Solar, Jinko Solar, and Trina Solar.

Following successful multi-million dollar projects in Vietnam, these Chinese enterprises are gearing up for major investments, expecting substantial revenue growth.

For instance, following two projects with a total investment of $865 million, on October 22, 2023, Jinko Solar Vietnam was granted an investment registration certificate by Quang Ninh province for the Jinko Solar Hai Ha Vietnam Photovoltaic Cell Technology Complex project with a total investment of $1.5 billion.

Hainan Drinda New Energy is a Chinese company established in 2003, specialising in research, production, and sales of various products related to photovoltaic cells, including passive emitters and rear-end solar panels, monocrystalline solar panels, and automotive control panels.

Additionally, they own a subsidiary specialising in interior and exterior vehicle decoration. As a major player in the industry with promising growth potential, Hainan Drinda has attracted investments from various funds and major enterprises.

Currently, the company's shares are traded on the Shanghai Stock Exchange.

In 2023, Hainan Drinda New Energy's revenue reached around $2.6 billion, a more than 60 per cent increase compared to the same period the previous year.

The company's after-tax profit in 2023 was around $112 million, a 13.77 per cent increase from 2022.

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Hoang Thinh Dat JSC and Chinese firm Hainan Drinda New Energy Technology Co., Ltd. signed an MoU on March 26 to develop a solar panel factory in the Hoang Mai II Industrial Park, located in Southeast Economic Zone of the central province of Nghe An.

By Nhat Minh

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