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The Vietnamese solar energy battery production industry: advantage lies with foreign enterprises

The solar energy battery production industry plays an important role in the global and Vietnamese electricity supply process. The fluctuation in the deployment of renewable solar energy will contribute to reflecting the potential of the solar panel production industry in the future.

The latest reports show that the world has made progress in the use of renewable energy. From 2015 to 2022, global renewable energy production increased by an average of 11% per year.

Amidst soaring oil prices and energy security concerns related to the conflict in Ukraine, the use of renewable energy could reach about 30% by 2023.

European Commission President Ursula von der Leyen stated on 1st December that more than 110 countries have expressed expectations through the goal of tripling renewable energy production and doubling energy efficiency globally by 2030. Among the 57 countries analysed, over 50% are on track to meet or exceed the 2030 targets. However, major emitting countries such as Australia, Japan, South Korea, and the UAE still have much room for improvement.

It is expected that by 2030, renewable energy will contribute 80% of the capacity for new electricity production globally, with solar energy alone accounting for more than half of the expanded renewable energy capacity mentioned above.

Vietnam is also following the global trend in electricity production. Data from Vietdata from 2020 to 2022 shows that in order to reduce the use of fossil fuels in production, investment and mobilisation of renewable energy sources are encouraged, while the proportion of coal-fired thermal power in the total mobilised output in the past 3 years has significantly decreased.

Chart of renewable & coal power generation Vietnam 2020 - 2022

In addition, according to the VIII Electricity Development Plan, Vietnam prioritises the strong development of renewable energy sources (RES). The process of shifting the electricity structure to RES is also directed to happen more quickly. Specifically, the target share of renewable energy sources by 2030 is around 30.9% - 39.2% (higher than the previous draft of 20.7%), and by 2050 it is expected to reach 67.5% - 71.5% (previously 54.8% - 59.1%). In particular, self-generated and self-consumed rooftop solar power is encouraged to develop, with the aim of having 50% of office buildings and 50% of residential houses using self-generated and self-consumed rooftop solar power by 2030.

Alongside the general trend of developing RES electricity, and solar power in particular, the solar energy panel market is assessed to have great potential for development in the coming years. However, the competition in the industry is currently extremely fierce, with limited participation from domestic enterprises. Currently, only IREK Energy Joint Stock Company is the sole domestic enterprise with a relatively large market share of revenue, while the majority are foreign-owned companies, mainly Chinese and American FDIs.

First Solar

First Solar is an American corporation established in 1999, specialising in the production of leading solar energy modules worldwide. In Vietnam, First Solar has been invested in and operational since 2017 in the Southeast Industrial Zone, Binh My Commune, Cu Chi District, Ho Chi Minh City. 

As one of the pioneering companies in the production of thin-film solar modules, it is considered a crucial weapon in competing with rivals in the production of crystalline silicon (poly or mono) solar panels in Vietnam and globally. 

The business results of the brand are not very optimistic, with a decrease in net revenue from 2020 to 2022. Specifically, the net revenue in 2020 was around 20,000 billion VND, decreasing by nearly 10% in the following 2 years. The post-tax profit recorded over 2,000 billion in 2020, decreased by over 60% in 2021, and continued to decrease by over 300% in 2022.

Net revenue chart of some solar energy battery manufacturing companies 2020 - 2022

HT Solar

Established on 22/7/2016, under HT Solar Vietnam LLC, the company is a 100% Chinese-funded enterprise. 

With nearly 400 employees, the company specialises in the production of two types of solar panels: mono and poly. The total solar energy panel production is 800MW/year, and the solar panel production is 1000MW/year. 

The net revenue saw a significant decline in 2021 of over 50%, further decreasing to about 10% in 2022, reaching around 350 billion VND. The post-tax profit has also decreased over the years, specifically by over 80% in 2021 and nearly 120% in 2022, resulting in a loss of around 8 billion VND.

Vina Solar

Vina Solar Technology LLC was established in early 2014, as a subsidiary of the Canadian solar power corporation, and is a 100% foreign-invested enterprise. 

It specialises in manufacturing, assembling, and processing solar energy panels with a workforce of approximately 8,000 people. The company exports to the US, with its main product being photovoltaic cells for solar panels. 

The net revenue has shown a significant increase over the years. In 2020, the company achieved around 7,000 billion VND, increasing by over 200% in 2021 and over 50% in the following year. However, the post-tax profit has shown an opposite trend. Specifically, the company made a profit of over 1,000 billion VND in 2020, but this decreased to over 500 billion VND in 2021, and in 2022, the company incurred a large loss of nearly 700 billion VND.

Trina Solar

Trina Solar (VietNam) Science & Technology LLC was established in 2016, as a company with 100% investment from the Trinasolar corporation in China. 

Trina Solar has the largest-scale solar panel production plant in Vietnam, with a total designed production capacity of 1GW. It specialises in producing monocrystalline and polycrystalline solar panels. 

The net revenue has been declining over the years. Specifically, the company achieved over 4,000 billion VND in 2020, decreasing by nearly 30% in 2021 and by over 80% in 2022. The post-tax profit was around 300 billion VND in 2020, but in the following 2 years, the company incurred losses of over 50 billion VND and over 1,500 billion VND respectively.

Profit after tax chart of some solar energy companies 2020 - 2022

JA Solar

JA Solar Vietnam Co., Ltd. was established in 2016, belonging to the JA Solar Group, the world's largest manufacturer of solar panels.

The factory is located in Quang Chau Industrial Zone, Bac Giang Province, with a project area of about 20 hectares. The production scale of solar panels is 1500 MW/year.

JA Solar is a rare company in the solar panel manufacturing industry with both net revenue and post-tax profits increasing during the period of 2020-2022. In terms of net revenue, the company reached around 2 billion VND in 2022, a more than 150% increase from 2021, and a further increase of over 400% from 2021 to 2022. Although the post-tax profit was a loss of about 10 billion VND in 2020, it set a record increase of over 9,000% in 2021 and nearly 200% in the following year.

Canadian Solar

Canadian Solar Vietnam Co., Ltd., established in 2016, is a subsidiary of Canada Solar Group in Canada. 

The factory is located at D11, No. 5 Dong Tay Street, Vsip Technology and Service Urban Area, Hai Phong. It specialises in the production of monocrystalline and polycrystalline solar panel products.

The net revenue has fluctuated over the years. In 2020, it reached approximately 3 trillion VND, increasing by nearly 5% in 2021 and decreasing by over 15% in the following year. The post-tax profit showed similar fluctuations. Specifically, in 2020, the profit was over 300 billion VND, decreasing by nearly 75% in 2021, and increasing by over 200% in 2022.


IREK Energy Joint Stock Company was established in 2012 as a member of the Bach Khoa Solar Energy Group. 

The total operating capacity of IREK's solar panel factory is 350 MW/year. Its main product is monocrystalline solar panels. IREK's solar panels have been exported to many countries worldwide, such as the Netherlands, Singapore, Turkey, and especially the US.

Source: Vietdata's 2022 market report on the solar energy battery manufacturing industry in Vietnam.


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