Chinese battery maker recognised for direct investment in Vietnam

Beijing: Chinese battery manufacturer NPP New Energy clinched three major awards at a ceremony honoring outstanding foreign direct investment (FDI) enterprises held at Hanoi, capital of Vietnam on August 17.

The three awards include “Top 10 Well-Known Brands of 2024”, “Top 10 Consumer Rights Products” and “Outstanding Businessman Contributing Positively to Economic Development in 2024.”

NPP New Energy specialises in advanced battery technologies including sodium-ion, lead-acid and lithium-ion batteries as well as lithium-ion cells, and in 2018, the Guangzhou-headquartered company established a 72,000-square-metre production base in Ho Chi Minh City, Vietnam. Their products are primarily destined for Europe, America, and Southeast Asia.

According to reports by Vietnamese media, Chinese enterprises have over 4,000 investment projects in Vietnam, with a total registered capital of $27.6 billion, accounting for 18.6% of Vietnam’s FDI. These investments span various sectors including manufacturing, IT, real estate, and new energy.

Vietnam’s FDI is expected to reach $40 billion this year, with employment in FDI enterprises growing 4.8% year-on-year. This growth highlights the crucial role of foreign investment, particularly from China, in Vietnam’s economic development.

This event was co-organised by the Vietnam Institute of Economics and Culture, the Vietnam Consumer Protection Centre and Hanoi Television.