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Center for WTO and International Trade
Vietnam Chamber of Commerce and Industry
* Energy storage firm Hithium may invest up to $900 mln-source
* Battery maker Growatt in talks for $300 mln investment-source
* Chinese firms increasingly interested in export-orientedVietnam
HANOI, June 8 (Reuters) - Two Chinese makers of energystorage systems and batteries are weighing investments worthhundreds of millions of dollars in Vietnam, industry andgovernment sources said.
The combined value of the investments could exceed $1billion, according to one person with direct knowledge of thediscussions.
A growing number of Chinese companies are launching orexpanding manufacturing projects in Vietnam, a global export hubthanks to its array of free trade deals and cheap labour.
Xiamen Hithium Energy Storage Technology, a startup that isexpanding in Europe and the U.S., has approached officials andindustry managers in Vietnam to potentially invest up to $900million to build a plant on more than 30 hectares of industrialland, the person said.
If the investment is finalised at that figure, the companywould become one of the largest foreign investors in Vietnam.
A second source familiar with the discussions said theinvestment under consideration would be worth at least $500million.
The sources were not authorised to speak to media anddeclined to be identified.
Hithium, which is based in the southeastern port city ofXiamen, said in a statement to Reuters that it had no new dealsnear closing. It also said it plans to expand its productioncapacity to 70 Gigawatts (GW) by the end of this year from just15 GW now.
Growatt New Energy, which leases a pre-fabricated plant inVietnam, is planning to spend about $300 million to acquireabout 15 hectares of industrial land to build a new factory, thefirst source said.
A separate source familiar with the discussions also saidGrowatt plans to expand in Vietnam.
Growatt, which produces battery systems and energy storageinverters for residential and commercial use, did not reply torequests for comment.
Both companies are in talks with multiple authorities andindustrial parks about potential locations for their plants, thesources said.
Vietnam is also a growing market for renewable energy as itsbooming economy grapples with frequent power cuts due toincreasing demand, climate change and a weak power grid. It hasyet to pass legislation, however, that would permit the use ofenergy storage facilities to strengthen its power network.
Hithium, which currently does not have a presence inVietnam, specialises in manufacturing stationary energy storageproducts, including cells and larger containers that help managethe intermittent supply of energy from solar or wind farms.
The global stationary energy storage market is estimated tojump in value to roughly $224 billion by the end of the decadefrom just over $31 billion in 2021, according to PrecedenceResearch. Major companies in the market include Tesla,Panasonic and Philips.
HANOI: Vietnam needs to consider the development of battery energy storage systems (BESS) while the country is on a path towards promoting renewable sources to ensure energy security and sustainable development, experts say.
According to the Institute of Energy, under the Industry and Trade Ministry, Vietnam''s power system needs BESS for both renewable energy generators and the national power grid.
The eighth National Power Development Plan (PDP8) has taken into account the high integration rate of renewable energy into the power system with a goal that Vietnam''s power system will have 2,700 megawatt (MW) storage of energy by 2030, including 2,400MW of pumped-storage hydropower and 300MW of battery energy storage.
Of the 2,400MW storage of pumped-storage hydropower, currently there is only one plant – Bac Ai – with a capacity of 1,200MW and that is under construction, while no other projects are on the horizon, meaning that they are unlikely to be operational by 2030.
Storage systems and their flexibility might be an alternative to make up for the shortage of pumped-storage hydropower. BESS does not generate electricity but only stores it and releases it when needed.
The Institute of Energy reported that countries including the United States, Thailand, China and India are preparing legal frameworks and regulations so that storage systems can be incorporated in the power grid at different levels.
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