First Solar Vietnam Manufacturing Company Ltd (Vietnam)

The subject - FSVN engages in manufacturing solar photovoltaic modules. Its parent company is a subsidiary of FIRST SOLAR, INC whose shares are listed on NASDAQ under stock code “FSLR”. FIRST SOLAR, INC's business segments consist of manufacturing, modules sales, project development, and operations & maintenance. It has the Western Hemisphere's largest solar manufacturing footprint in Ohio, USA, with a third factory set to come online in the state in the first half of 2023 and a new factory, the company's fourth American manufacturing facility, expected to be commissioned in 2025. The company will have a global annual manufacturing capacity of over 20 gigawatts (GW) by 2025, with a footprint that spans the USA, India, Malaysia, and Vietnam.FSVN invested USD 1.06 billion to build two factories for the automatic production of solar photovoltaic modules with thin-film technology on an area of 44 hectares in 2018. Since its inception, the company has continuously innovated to raise production capacity from 15,000 modules to 20,000 modules per day after investing additional capital of USD 60 million in early 2022. This is a part of the investment expansion plan with a total value of USD 1 billion to upgrade technology. As shared with press agencies by Mr. UNG KHENG JOO - former General Director, despite difficulties caused by the Covid-19 pandemic, FSVN still decided to expand its operation to seize export opportunities in the context of a growing trend of transition to renewable energy in many countries around the world.On 06 Jun 2022, USA announced the tax exemption for solar panels from Vietnam, Cambodia, Malaysia, and Thailand for 2 years to meet the demand for solar energy. Manufacturers and investors are advised to take advantage of this 2-year tax exemption to expand their business.According to a previous report by the clean energy research team of BloombergNEF, Vietnam ranked at 7th position in the world in terms of solar power output in 2021. Nevertheless, almost solar panels assembled in Vietnam are imported from China. The number of Vietnamese companies operating in this field is still limited; meanwhile, foreign-owned companies are dominating this segment.