Foxconn to tnvest $551m in Vietnam projects

Foxconn, the Taipei-based supplier to Apple Inc., is set to invest approximately $551 million in two new ventures in Vietnam’s northern coastal province of Quang Ninh.

The company has received a license for a $264 million project in the Song Khoai Amata Industrial Park to produce smart entertainment products, with a designed capacity of around 4.2 million units per year, according to an announcement on the provincial government’s website.

Additionally, Foxconn has been authorised to invest in a $287 million project in the Bac Tien Phong Industrial Park to manufacture smart-system equipment.

Foxconn, through its main subsidiary Hon Hai Precision Industry Co., which assembles the majority of the world’s iPhones, has been expanding its production bases to include new manufacturing sites in countries such as India and Vietnam. These two new projects increase the total investment pledged by Foxconn in Quang Ninh province to approximately $1 billion, as stated in the announcement.

The Quang Ninh provincial government plans to establish a working group to assist Foxconn in expediting the process with “supportive measures and creating the most favorable conditions” to complete construction by September 2025.

Last year, the government announced two additional Foxconn plants intended for the production of electronic components, backed by a total investment of $246 million.

Attribution: Bloomberg.