Chinese solar panel producer invests $500 mln in Vietnam

By Dat Nguyen September 28, 2021 | 03:30 am PT

Workers install solar power panels in the central province of Ninh Thuan in February 2019. Photo by VnExpress/Quynh Tran

Chinese solar panel maker JinkoSolar Holding Co. has announced a $500 million investment into Vietnam to build a manufacturing facility in the northern province of Quang Ninh.

The new facility is set to be operational in the first quarter of next year and have an annual capacity of 7 gigawatts, the company stated Monday.

It will produce panel components including ingots and wafers.

"The decision to build a facility in Vietnam is one component of our strategy to ensure the long-term stability of our global supply chain," said Nigel Cockroft, general manager of JinkoSolar U.S. Inc.

The company has nine manufacturing facilities globally and 22 overseas subsidiaries.