Last month, during the weekend of the 18th – 21st July, the Vietnam International Power Equipment and Technology Exhibition was held in the Saigon International Convention and Exhibition Center in Ho Chi Minh City, Vietnam. As one of the Top 5 inverter companies throughout China, Sofar Solar – a subsidiary of the Sofar Group – made its official debut at this year’s exhibition. During their showcase, the company unveiled a range of new photovoltaic gird-connected inverters and power storage products, all of which quickly received a largely positive amount of attention. As Sofar Solar continues to expand and gain more recognition throughout Vietnam and other international market, the company has shown a strong determination in progressing and consolidating the photovoltaic industry even further. In time, the subsidiary Is planning to begin operating on a completely international scale, and so they aim to secure the market and create a solid foundation for their eventual globalization layout.
Due to the fact that Vietnam is an important influencer within the photovoltaic market throughout the Asia-Pacific region, it holds a large amount of ground that will play into the success of Sofar Solar directly. The unique and innate conditions of the country as reflected in mainly two elements of the industry’s market.
The first major point is that Vietnam has introduced the support of policy for the trade market. The Ministry of Industry and Trade of Vietnam has issued a support policy for photovoltaic power generation. In turn, this stipulates that each independent photovoltaic power project can take on and receive a power purchase mechanism of 2086 VND/kWh. This amount is equivalent to the US dollar currency of 9.35 cents/kWh, which floats the US dollar against the US dollar. From June 20th 2019 onwards, the independent buyer is responsible for the complete production of electricity for the photovoltaic project, paired with a 20-year acquisition period.
The second point is the fact that Vietnam is a region that is very rich in solar energy resources, which obviously promotes the success and the expansion of the market itself. Located in the Asian-Equatorial region, Vietnam is rich in solar energy as it has a solar radiation of 5 kWh per square meter per day. The central highlands and south-central regions have annual sunshine hours of approximately 2,000 to 2,6000 hours. Due to this advantage, the solar industry and photovoltaic market within Vietnam has an incredibly large and widely broad amount of space for further development. Since it offers companies the ground to expand their products and markets even further, the region also often receives a lot of attention, and so it’s the prime location to further work on developing the solar industry.
Sofar Solar acted as one of the earliest inverter companies that merged into the region’s market as the subsidiary entered the Vietnam photovoltaic market in 2015. Before the company established ground in Vietnam, it was already known as one of the Top 5 string inverter companies throughout China and already had the reputation of being the leader of the inverter industry. With its merge into the Vietnamese market, the company has been able to increase its market share every year since, whilst also establishing further roots throughout the consumer demographic.
Sofar Solar has had to alter their production method to suit the requirements of users in the Vietnamese market, and so they have focused on expanding the design and innovation of their products. In turn, their hardware has had a comprehensive breakthrough in efficiency and quality, whilst also upgrading the available selection of components. American Fairchild and the German Infineon brand have significantly reduced switching losses due to the fact that the new internal circuit board uses a three-proof design. This new design helps to sustain the operation of the product and improve the overall corrosion resistance of the machine.
With its reputation of guaranteed quality and efficiently, Sofar Solar continues to attract even more attention and the company is becoming increasingly sought after in various emerging markets. With the promotion and application of more of the company’s products throughout growing markets, this has further worked to strengthen the subsidiary’s determination to progress the industry even further and lay a solid foundation for Sofar Solar globalization.