Thursday, July 18, 2024
HomeDECOUPLING FROM CHINATaiwan´s Foxconn choose once again Vietnam to manufacture smart products

Taiwan´s Foxconn choose once again Vietnam to manufacture smart products

Foxconn’s Singaporean subsidiary has obtained approval from Vietnamese authorities to invest $551 million in two projects aimed at manufacturing smart entertainment products and smart system equipment. According to state media cited by Reuters, these projects will be executed in Quang Ninh province.

The first project, valued at $263.7 million, will focus on producing smart entertainment products with an annual capacity of 4.18 million units. The second project, costing $287.2 million and covering 12.4 hectares of land, will manufacture smart system equipment.

Foxconn had previously invested $250 million in two projects in the province, dedicated to telecoms and electric car parts. Since entering Vietnam in the 2000s, Foxconn’s total investment in the country amounts to $3.2 billion.

In June, the company reportedly secured a $383 million licence to establish a factory for producing circuit boards. Foxconn predominantly operates its infrastructure in the provinces of Bac Ninh and Bac Giang.

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