JINKO SOLAR (VIETNAM) INDUSTRIES COMPANY LIMITED, locally known as CÔNG TY TNHH CÔNG NGHIỆP JINKO SOLAR (VIỆT NAM), is a major foreign direct investment (FDI) enterprise in Vietnam’s solar energy manufacturing sector. Established in March 2021, the company is a wholly owned subsidiary of JinkoSolar Hong Kong Limited, a global leader in solar panel and silicon wafer production. It operates from Song Khoai Industrial Park in Quang Ninh Province, where it has a factory, warehouse, and offices to support its growing operations.

JINKO SOLAR (VIETNAM) INDUSTRIES COMPANY LIMITED experienced tremendous growth in 2023. The company’s total assets surged to USD 1.74 billion, marking an 113.75% year-over-year increase. Sales revenue also grew significantly, reaching USD 809.26 million, an increase of 111.55% from the previous year. Most notably, the company turned profitable, reporting USD 49.93 million in profit, compared to losses in 2021 and 2022.

Despite these impressive financial gains, JINKO SOLAR (VIETNAM) INDUSTRIES COMPANY LIMITED is facing several challenges. VBI’s risk assessment indicates that the company has a negative working capital of USD -88.05 million, suggesting cash flow difficulties that could impact day-to-day operations. Although the company has rapidly expanded its asset base, such aggressive growth requires substantial capital investments, which could strain its financial flexibility. Additionally, as a 100% foreign-owned enterprise, the company is highly dependent on international supply chains and market conditions, making it vulnerable to global trade disruptions and regulatory risks.

Led by General Director Chen Jingwei, the company employs 3,500 workers and specializes in the manufacture of solar panels and silicon wafers. It also engages in research and development in solar technology, warehousing, and trading of industrial property and land use rights. The company’s strategic location in Quang Ninh Province allows for efficient logistics and access to Vietnam’s growing renewable energy market.

To maintain long-term sustainability, VBI recommends that JINKO SOLAR (VIETNAM) INDUSTRIES COMPANY LIMITED focus on improving liquidity management, optimizing production efficiency, and diversifying its supply sources. While its strong revenue growth and profitability are positive indicators, the company’s working capital deficit and reliance on global markets could pose risks if not properly managed. With Vietnam's push for renewable energy and increasing demand for solar power solutions, Jinko Solar is well-positioned for future expansion, but must navigate financial and operational challenges carefully to maintain its competitive edge in the industry.