Foxconn eyes development of $319 million workers housing

The world's largest contract manufacturer, a contractor for Apple and other global giants, seeks to develop three housing projects at a cost of about VND7.4 trillion (nearly $319 million), and has apprised the Ministries of Construction and Planning and Investment of its interest.

Foxconn wants to build them near industrial parks where it has its plants so that its own workers can also be housed in them.

If approved by authorities, a project in Viet Yen District in Bac Giang Province will be the largest at 16.7 hectares and have the highest investment of VND3.42 trillion (about $147.4 million).

Up to VND2.93 trillion ($126.3 million) will be invested in a 6.3-hectare project in Bac Ninh Province’s Que Vo District and the rest of the total investment will be poured into a 9.9-hectare project in Vinh Phuc Province.

The company said besides apartments they would also have healthcare facilities, schools and shops.

Since current policies pose certain hurdles, it plans to sell the houses to companies in the industrial zones for them to lease or sell to their employees.

Foxconn came to Vietnam in 2007, and has been operating mainly in the northern provinces of Bac Ninh, Bac Giang and Vinh Phuc, manufacturing computers and other electronic products and car parts. Last year it expanded to the northern province of Quang Ninh.

Last week it said for the first time that Vietnam is its largest manufacturing hub in Southeast Asia.

This year Foxconn expects its exports from Vietnam to double to $6 billion.