9JANUARY, 2025ASIAMANUFACTURINGREVIEW.COMZETWERK, PENNAR SIGN JOINT VENTURE FOR SOLAR MODULE PRODUCTIONVIETNAM'S FDI HITS $31.4B IN 2024 UP 7.1PERCENT FROM LAST YEARPennar Industries Ltd, a diversified engineering company headquartered in Hyderabad, has signed an agreement with Zetwerk Manufacturing to establish a joint venture focused on the production and sale of solar modules. The proposed venture will encompass the development and operation of the manufacturing facility and serve both local and global markets."The company has executed a joint venture agreement with Zetwerk Manufacturing Businesses and others on 31st December 2024 for incorporation of a joint venture company, by way of subscription to the equity share capital of the joint venture company," Pennar shared in a stock exchange filing.Zetwerk Manufacturing Businesses possesses a 50.1percent stake in the joint venture company, while Pennar Industries holds 45percent and others own 4.9percent. Pennar Industries offers renewable energy solutions throughout the value chain, including solar EPC services and the production of solar modules and mounting structures.Zetwerk Manufacturing offers comprehensive contract manufacturing and distribution solutions. It collaborates with top industrial and consumer product firms to produce their items through a worldwide network of small manufacturers, offering assistance in supplier selection, pricing, and order fulfillment. Pennar Industries has secured a solid position with a varied presence in Infrastructure, Automobiles, Power, General Engineering, Building & Construction, and additional sectors. Fueled by an unyielding quest for perfection, they are celebrated for their engineering prowess. Foreign direct investment (FDI) in Vietnam reached nearly 31.4 billion USD in the first 11 months of 2024, with disbursed FDI expected to be about 21.7 billion USD, indicating a 7.1percent increase compared to the corresponding in 2023. The year 2024 represented the third consecutive year in which the country invested over $20 billion in foreign direct investment (FDI).Vietnam ranks among the top 15 developing countries attracting the highest FDI globally.Vietnam is set to rise as a manufacturing hub in the area this year, especially in technology fields, as global companies have expressed a willingness to expand their operations in the country.The coastal province of Quang Ninh ranked second with 2.29 billion USD in registered capital, followed by HCM City at 2.28 billion USD, and then by Hai Phong, Hanoi, and Binh Duong.The northern province of Bac Ninh led the country with a total registered investment capital of about 5.04 billion USD, accounting for 16percent of the total national investment capital, more than three times higher than the same period in 2023.In the initial 11 months, among 110 countries and territories that invested in Vietnam, Singapore was at the forefront with an investment capital nearing 9.14 billion USD, making up over 29percent of the total investment, reflecting a 53.7percent rise compared to the corresponding period in 2023.Investments in main sectors like electronics, semiconductors, and green technology led the FDI into Vietnam in 2024 and are anticipated to continue this year.
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