Chinese energy storage, battery firms consider big investments in Vietnam

HANOI -- Two Chinese makers of energy storage systems and batteries are weighing investments worth hundreds of millions of dollars in Vietnam, industry and government sources said. Growatt, which produces battery systems and energy storage inverters for residential and commercial use, did not reply to requests for comment. It has yet to pass legislation, however, that would permit the use of energy storage facilities to strengthen its power network. Hithium, which currently does not have a presence in Vietnam, specialises in manufacturing stationary energy storage products, including cells and larger containers that help manage the intermittent supply of energy from solar or wind farms. The global stationary energy storage market is estimated to jump in value to roughly $224 billion by the end of the decade from just over $31 billion in 2021, according to Precedence Research.