Despite the challenges ahead, Vietnam is quickly becoming a key market attracting large businesses in the solar energy industry around the world.
Vietnam Solar Power Expo 2019 organized by Neoventure Group in Hanoi from September 25 – 26 attracted more than 300 businesses and investors from all over the world.
According to Mr. To Ngoc Son, Deputy Director of the Asia-Africa Market Department (Ministry of Industry and Trade), in recent years, the Vietnamese market has quickly become the focus of attention of large businesses in the world. solar industry and will continue to attract investors, manufacturers and contractors to strongly participate in the market.
Vietnam currently has 82 solar power projects with a total capacity of 4,460 MW connected to the national grid and solar power accounts for about 10% of the country’s total electricity output. In addition, there are currently about 13 projects being completed with a total capacity of 630 MW, expected to be put into operation by the end of 2019.
Typically, BIM Group inaugurated a solar power plant cluster in Thuan Nam and connected to the national grid with a capacity of 330 MW after more than 9 months of official construction.
This is the largest solar power plant complex in Southeast Asia in operation and is expected to produce about 600 million kWh/year.
Thanh Thanh Cong Group, one of the largest developers of solar power projects in the country, has put into operation two factories in Phong Dien, Thua Thien Hue (35MW) and Krong Pa (49MW).
In addition, this field also has the appearance of many other notable names such as Trung Nam Group, Xuan Cau Company, TTVN Group or Bamboo Capital.
That is the result of the Vietnamese Government having issued many support policies to promote the development of the solar energy industry, aiming to make solar energy a key industry. Vietnam has even become the “hottest” solar energy investment destination in the Asia-Pacific region.
The solar power race in Vietnam is helping Chinese companies benefit. With tens of thousands of billions of VND being poured into solar power projects in Vietnam by domestic and foreign investors. This figure is largely paid to contractors providing solar panels, an item that typically accounts for about 50% of the total cost of each project.
Notably, the world’s largest solar battery manufacturing companies are all located in China. According to statistics, among the 10 largest solar panel suppliers in the world, there are 8 companies from China.
Many suppliers in this top group have participated in solar power projects in Vietnam such as JA Solar (largest supplier in the world), Trina Solar (ranked 3rd) or JinkoSolar (ranked 5th).
Earlier this year, JA Solar announced that it would provide all batteries with passive luminescent technology for the BP Solar 1 solar power plant built by Bac Phuong Joint Stock Company in Ninh Thuan.
Last year, Trina Solar announced to provide batteries for Trung Nam Group’s solar power project.
Another supplier from China, Risen Energy, last October also announced winning the bid for a 50MW solar power station project of Thap Cham Solar – a member of Bitexco Group Vietnam. In Ninh Thuan, Risen Energy’s total installed capacity at projects is up to 161 MW, including 61 MW project, which the company cooperates with Tasco to develop.
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