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Foxconn expands reach again in Vietnam

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Foxconn expands reach again in Vietnam

Foxconn’s Singaporean unit reportedly gained a licence from Vietnamese authorities to invest US$551 million into two projects to produce smart entertainment products and smart system equipment.

State media reported via Reuters that the projects will be carried out in the province of Quang Ninh.

Foxconn Singapore was awarded a licence for a US$263.7 million project to produce smart entertainment products with an annual capacity of 4.18 million units per year. The second project will take up US$287.2 million on 12.4 hectares of lands to manufacture smart-system equipment.

Foxconn already invested US$250 million into two projects in the province to develop telecoms and electric car parts. Its total investment in Vietnam is US$3.2 billion since entering the Southeast Asian nation in the 2000s.

In June, the company reportedly was awarded a US$383 million licence to set up a factory to produce circuit boards.

The manufacturing giant has most of its infrastructure based in the provinces of Bac Ninh and Bac Giang.



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