Foxconn to inject $246m into Vietnam

Foxconn to inject $246m into Vietnam

Foxconn gained approval from authorities in Vietnam to invest US$246 million into two projects to assemble telecom and electric vehicle parts in the country. 

Reuter reported the projects will be constructed in Quang Ninh province, the north of Vietnam, and they will be led by Foxconn Singapore. 

Around $US200 million will go into setting up a factory to build EV chargers and components with production expected to start in January 2025, with a workforce of 1,200 to be hired. 

The total investment into Vietnam made by Foxconn will total US$3 billion after these projects. 

Foxconn has been operating in Vietnam for almost 20 years and also plans to operate a new factory in the central province of Nghe An, with an investment of US$100 million, as was revealed by authorities last month. 

Foxconn is moving its operations outside of China to Vietnam and Mexico due to continuing tensions between the US and the far east nation.

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