Chinese battery manufacturer Sunwoda to pour $300 million into Bac Giang

The information was shared at a meeting between Le Anh Duong, Chairman of Bac Giang People's Committee, and Sunwoda COO Xiang Haibiao on July 16.

Haibiao said, "Sunwoda has nearly 30 years of operation in the computer battery, phone battery, and electric vehicle battery industries. In April 2023, Sunwoda established the first company in Van Trung Industrial Park in Bac Giang. After one year of operation, the company has decided to expand its investment thanks to the favourable investment climate."

"Sunwoda will pour an additional $300 million into the manufacturing facility in Yen Lu Industrial Park. The project will employ 5,000 local workers and generate $1 billion in revenue per year. Sunwoda will continue to make additional investments in the next stages based on its upcoming growth in Vietnam," he added.

In addition, Sunwoda will build a smart park to minimise carbon emissions while applying optimised solutions to increase energy efficiency and the use of clean energy, contributing to environmental protection. The company will also utilise technology currently used in China for its production in Vietnam.

Chairman Duong noted that, "Bac Giang pays special attention to luring investors, especially those from China. At present, Chinese investors take the lead in terms of the total registered investment capital in the locality with over $6 billion, accounting for 30 per cent of the total industrial production value of the foreign direct investment sector. Their ventures have created jobs for about 200,000 workers."

"Sunwoda already runs a small manufacturing facility in Bac Giang, and plans to scale up its operations. We welcome this expansion and commit to creating the stronger conditions for the company to invest in Bac Giang," he stressed.

At the meeting, Sunwoda also signed an in-principle investment contract with Capella Land JSC, the developers of Yen Lu Industrial Park.

China Railway Engineering Corporation (CREC) on June 12 signed a cooperation agreement with Tracodi, a subsidiary of Bamboo Capital Group, to invest in and develop transport infrastructure, industrial park infrastructure, and social housing in Vietnam.

Prime Minister Pham Minh Chinh received leaders from some of the top Chinese infrastructure and energy development firms in Beijing on June 27, including Yan Jiehe, founder of Pacific Construction Group.

Vietnam and China have agreed on fresh measures to beef up their trade and investment last week, with several new projects tabled.