Chinese solar panel manufacturer Trina Solar is set to make a substantial additional investment of $420 million in Vietnam's northern province of Thai Nguyen, increasing its total commitment to the country to nearly $900 million, according to an announcement by the provincial government on Sunday.
This development follows a September exclusive report by Reuters, which indicated that Trina Solar, one of the world's largest solar panel manufacturers in terms of sales, was planning a $400 million investment for a new plant in Vietnam.
The statement issued after a meeting between Trina's Chairperson, Gao Jifan, and Deputy Prime Minister Tran Luu Quang revealed Gao's expectations of receiving support from local authorities to explore and invest in rooftop solar power projects within the region.
Established in 1997, Trina Solar is a prominent player in Vietnam's solar panel manufacturing sector and currently operates two facilities in Thai Nguyen, situated approximately 82 kilometers from the capital city, Hanoi.
The statement did not specify whether the investment would include a third Trina Vietnam facility or if it might be allocated for other projects, such as enhancing existing manufacturing plants.
This decision to invest in Vietnam comes after an investigation by the U.S. Department of Commerce, which concluded in August that Trina Solar was among five Chinese solar companies utilizing facilities in Thailand and other Southeast Asian nations to evade punitive tariffs imposed on Chinese-made solar panels.
Notably, according to Vietnamese government data, China and Hong Kong combined represented the largest foreign investor in Vietnam during the first ten months of the current year.
