HANOI, June 8 (Reuters) - Two Chinese makers of energy storage systems and batteries are weighing investments worth hundreds of millions of dollars in Vietnam, industry and government sources said. The combined value of the investments could exceed $1 billion, according to one person with direct knowledge of the discussions.
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The combined value of the investments could exceed $1 billion, according to one person with direct knowledge of the discussions. A growing number of Chinese companies are launching or expanding manufacturing projects in Vietnam, a global export hub thanks to its array of free trade deals and cheap labour.
Growatt New Energy, which leases a pre-fabricated plant in Vietnam, is planning to spend about $300 million to acquire about 15 hectares of industrial land to build a new factory, the first source said. A separate source familiar with the discussions also said Growatt plans to expand in Vietnam.
The sources were not authorised to speak to media and declined to be identified. Hithium, which is based in the southeastern port city of Xiamen, said in a statement to Reuters that it had no new deals near closing. It also said it plans to expand its production capacity to 70 Gigawatts (GW) by the end of this year from just 15 GW now.
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