Posted on 17 Apr 2023
Shenzhen-listed Chinese battery firm Sunwoda Electronic announced it has registered a subsidiary in Vietnam. The firm may produce lithium batteries for electronic and electrical equipment for electric vehicles, Kallanish learns.
So far, Sunwoda hasn't released its detailed production targets or schedule for this new subsidiary.
According to the company's announcement, it has recently completed the business registration processes and obtained the business license from the Business Registration Office of Planning and Investment Department of Bac Giang Province, Vietnam. The company Sunwoda Vietnam Company Limited has a registered capital of VND 93.88 billion ($4.03 million) and will be mainly engaged in the production and assembly of lithium batteries.
The company says in its announcement: "This foreign investment to establish a wholly-owned subsidiary in Vietnam is based on the company's overseas development strategy. It aims to strengthen the company's exchanges and cooperation with the international market, expand the company's business structure, and further improve the company's comprehensive competitiveness."
Sunwoda's major clients include Geely Auto and Dongfeng Auto. Last year, it also achieved orders from Volkswagen and Volvo.
In the first quarter of this year, Association of Southeast Asian Nations (ASEAN) and China remained the largest trade partners for each other, and the trade volume reached CNY 1.56 trillion ($228.25m), an on-year increase of 16.1%. In 2022, China was the largest trade partner of Vietnam.
Source:Kallanish
