Runergy pumps $293 million into silicon and semiconductor plant

July 17, 2023 | 19:24
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Solar power titan Runergy has announced a $293 million investment into a silicon and semiconductor manufacturing facility in Vietnam's Southeast Nghe An Economic Zone, a move set to bolster Vietnam's burgeoning tech sector.
Runergy pumps $293 million into silicon and semiconductor plant

The Southeast Nghe An Economic Zone (SENA) on July 13 confirmed a $293 million investment from Runergy, a leading solar panel manufacturer. The news came through the economic zone's online portal, announcing that the investment is earmarked for the construction of a silicon and semiconductor manufacturing plant.

The significance of this investment was underscored by the prime minister's presence at the project's investment certificate presentation, held concurrently with a meeting with several key Chinese economic conglomerates.

The new facility's capacity, projected to yield an annual output of 14,635 tonnes of silicon and 995 million 182mm semiconductors, marks a significant step forward in Vietnam's tech landscape. Beyond manufacturing, the project will cater to factory leasing services. Execution of the project is slated for Hoang Mai I Industrial Park, nestled in Quynh Thien ward of Hoang Mai town, within the SENA remit.

This development succeeds a spate of job listings by Runergy in Thailand for a multitude of roles spanning administrative, legal, human resources, and accounting domains. These positions, offering salaries between VND15 million ($640) to VND60 million, specified a requirement for Chinese language proficiency and a minimum of diploma-level education.

A key player in the solar power arena, Runergy PV Technology from Thailand, is an affiliate of China's Jiangsu Runergy New Energy Technology. Capitalising on global renewable energy opportunities, the enterprise has remained steadfast in its commitment to researching, developing, and manufacturing high-efficiency solar panels and modules.

The establishment of Runergy PV Technology Vietnam on July 7, signified the firm's expansion within the country. Song Wen Xiang, incumbent CEO of Runergy PV Technology (Thailand), was appointed as the legal representative of the newly formed entity.

Runergy's robust foray into the region followed an extensive survey in February 2023 of prospective investment sites, including Hoang Mai I and II industrial parks within SENA.

In a high-level meeting with Nghe An People's Committee in March 2023, Runergy expressed satisfaction with Vietnam's investment climate and articulated its aspirations to expand its footprint in the country. This sentiment was echoed by Dao Long Trung, chairman of Runergy, highlighting Nghe An as a potential investment locale.

The latest data from the Foreign Investment Agency under the Ministry of Planning and Investment positions Nghe An province eighth nationally in terms of foreign direct investment (FDI) for H1/2023, pulling in a substantial $720.94 million.

Up to June 20, 2023, the province drew eight FDI projects with registered capital of $613.15 million and augmented five existing projects with an additional $107.79 million, making a total new and adjusted registered capital of $720.94 million.

Nghe An is currently home to 124 active foreign-invested projects with the total registered capital of nearly $3.3 billion. This includes 76 projects within the Southeast Economic Zone and other IPs of the central province with the total registered investment capital of $2.95 billion and 48 projects outside the Southeast Economic Zone totalling $334.45 million in registered capital.

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By Nhat Minh

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