The new facility is set to be operational in the first quarter of next year and have an annual capacity of 7 gigawatts, the company stated Monday.

It will produce panel components including ingots and wafers.

"The decision to build a facility in Vietnam is one component of our strategy to ensure the long-term stability of our global supply chain," said Nigel Cockroft, general manager of JinkoSolar U.S. Inc.

The company has nine manufacturing facilities globally and 22 overseas subsidiaries.