Apple supplier Foxconn to invest in two projects in Vietnam to diversify supply chain
The Taiwanese company has been granted approval to produce smart entertainment products and smart-system equipment at the new facilities
Foxconn, the Taipei-based supplier to Apple, will invest about US$551 million in two new projects in Vietnam’s northern coastal province of Quang Ninh.
The company has been granted a licence for a US$264 million project in Song Khoai Amata Industrial Park to produce smart entertainment products, with designed capacity of about 4.2 million units per year, according to a posting on the provincial government’s website.
It has also been permitted to invest in a US$287 million project in Bac Tien Phong Industrial Park to make smart-system equipment, the posting said.
Foxconn, whose main subsidiary Hon Hai Precision Industry is responsible for assembling the bulk of the world’s iPhones, has been diversifying its production bases with new manufacturing sites in places like India and Vietnam.
The two new projects bring the total investment pledged by Foxconn in the province to about US$1 billion, according to the posting.
The Quang Ninh provincial government will form a working group to help Foxconn quicken the process with “supportive measures and creating the most favourable conditions” to complete construction by September 2025.
The government last year announced two other Foxconn plants that would make electronic components, supported with a total investment of US$246 million.
Bloomberg – July 5, 2024