Foxconn gets licence to invest US$551mil more in Vietnam, media reports


HANOI (Reuters): Foxconn Singapore has been awarded a licence to invest US$551 million in two projects to produce smart entertainment products and smart-system equipment in Vietnam's northern province of Quang Ninh, state media reported.

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 US$383 million in a factory to produce printed circuit boards. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Aseanplus News

Japan's Nissan to invest in auto tech firm ChargeScape
Ex-Philippine President Duterte to run as mayor despite his drug killings legacy
Thailand targets 40 million foreign tourist arrivals in 2025 aiming to match pre-Covid numbers
Malaysia all set to chair Asean in 2025, backed by Indonesia, emphasising inclusivity and sustainability
Philippine troops kill three suspected rebels in clash
Vietnam must accelerate growth in Q4 to realise whole year's target, says planning ministry
From Parliament to Changi Prison: Singapore ex-minister Iswaran’s fall from grace
Dr Wan Azizah recovering after medical procedure at Sultan Idris Shah Hospital
Mum appeals to authorities to rescue daughter from alleged human trafficking in Myanmar
HK singer Anita Mui's brother to remarry, M'sian wife claims he hasn't divorced her yet

Others Also Read