China’s JinkoSolar, one of the largest solar module manufacturers in the world, has voluntarily terminated its $1.5 billion photovoltaic panel project in Vietnam’s northern coastal province of Quang Ninh.
In a recent notice sent to the National Business Registration Portal of Vietnam, Jinko Solar said its terminated the operation of Jinko Solar (Vietnam) Intelligent Manufacturing Company Limited, the entity in charge of the $1.5 billion project.
The firm clarified that the project, named Jinko Solar Hai Ha Vietnam, was intended to export products to the United States. However, starting 2025, the United States applied high anti-dumping duty against PV panels originated from Vietnam, leading to sluggish sales.
As a result, the project is unlikely to meet its economic targets and Jinko Solar decided to terminate the project and the business. The Vietnamese entity will continue termination procedures, such as those related to ongoing construction, social security and taxes, and land lease.
In January 2025, the International Trade Administration, under the U.S. Department of Commerce, said that JinkoSolar’s unit in Vietnam exported crystalline silicon photovoltaic cells into the United States with a dumping margin of 71.85 percent.
Jinko Solar Hai Ha Vietnam is one of the biggest investments of JinkoSolar in Vietnam. Others major projects are Jinko Solar PV Vietnam Photovoltaic Cell Technology (Jinko 1) and Jinko Solar Vietnam Silicon Panel Technology (Jinko 2), with a total investment of $865.6 million.
As of end-2025, JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries. In 2025, its preliminary unaudited net loss attributable to shareholders was RMB7.64 billion ($1.11 billion). The result was primarily attributable to a decline in the profitability of the company’s main business due to a fall in the selling prices of its photovoltaic products, JinkoSolar said in its preliminary unaudited financial result.