China-invested Exquisite Power Vietnam Co., Ltd. has inaugurated its Lithium-Ion and Ni-MH battery production facility in Nam Dinh Vu Industrial Park in northern Hai Phong port city, the Vietnam News Agency has reported.

This project marks a significant milestone for the city's growing industrial landscape.

The factory, with a total investment of $20 million, spans 13,650 sq m and aims to cater to the increasing global and domestic demand for advanced batteries.

Beyond economic benefits, the project is expected to create jobs, enhance income levels, and contribute to social welfare in Hai Phong.

China is the second-largest foreign investor in Hai Phong, with 241 projects totaling $6 billion, accounting for 23% of the city’s FDI.