Foxconn gets license to invest $551M more in Vietnam

By Reuters   July 5, 2024 | 01:00 am PT
Foxconn gets license to invest $551M more in Vietnam
The logo of Foxconn is pictured on top of a company's building in Taipei, Taiwan Oct. 31, 2022. Photo by Reuters
Foxconn Singapore has been awarded a license to invest $551 million in two projects to produce smart entertainment products and smart-system equipment in Vietnam's northern Quang Ninh Province.

Foxconn, the world's largest contract electronics maker and assembler, did not immediately respond to a request for comment. The company already has major operations in Vietnam.

Through its unit Foxconn Singapore, the Taiwanese giant has been awarded a licence for a $263.7 million project to produce smart entertainment products with an annual capacity of 4.18 million units per year, the Quang Ninh newspaper reported.

The second project with an investment of $287.2 million and on an area of 12.4 hectares (30.64 acre), will make smart-system equipment, the paper said.

According to the investment certificate, the two projects will complete construction in July, 2026. After a period of machinery installation and trial operation, they were due to launch official production in May, 2027.

Last year, Foxconn said it would invest about $250 million in two new projects in Quang Ninh to make electric vehicle and telecom parts.

Foxconn has invested more than $3.2 billion in Vietnam since first entering the Southeast Asian country in the 2000s. Most of its manufacturing plants are located in the northern provinces of Bac Ninh and Bac Giang.

Last month, Vietnamese state media said Foxconn has also been awarded a licence to invest $383 million in a factory to produce printed circuit boards.

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