Foxconn Investing $250M to Build Two Factories in Vietnam

The Taiwanese electronics contract manufacturer Hon Hai Precision Industry Co., Ltd., also known as Foxconn, will reportedly be investing almost $250 million in northern Vietnam to build two new factories, according to Nikkei Asia. One of the facilities is expected to be a plant that will make components for electric vehicles.

Nikkei Asia said the investment aims to limit Foxconn’s reliance on iPhone assembly.

A planned $200 million factory will reportedly be built to produce charging equipment for EVs as well as other electronic devices. That facility, which will supposedly employ about 1,200 people, is expected to be completed by January 2025.

Another $46 million plant will be constructed to make telecommunications components and dies. That factory will be completed by October 2024 and employ an additional 700 people according to Nikkei Asia.

The factories will be built at an industrial park located in the Quảng Ninh province, local officials said, over 80 miles away from the country’s capital of Hanoi.

“After 16 years of development and investment in Vietnam, we’ve chosen [to invest in] Quảng Ninh,” said Chau Nghia Van, an executive for Foxconn’s Vietnamese operation, during a ceremony granting the investment registration certificate.

Foxconn is also planning to build another factory in the central Vietnamese province of Nghệ An, according to reports from a local media outlet.

This isn’t the only international plan Foxconn committed to in 2023. The company also announced it would begin building electric vehicle batteries in Wisconsin and Ohio back in March, according to a different report from Nikkei Asia.

Source: supplychainbrain| Link

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