iTnews Asia
  • Home
  • News
  • Hardware

Foxconn to invest US$246 million in 2 Vietnamese projects

Foxconn to invest US$246 million in 2 Vietnamese projects

To raise total investment in the country to US$3 billion.

By Staff Writer on Jun 30, 2023 3:35PM

The world's largest contract electronics maker and assembler, Foxconn, has received approval from Vietnam to invest US$246 million (S$334 million) in two new projects located in the country's northern province of Quang Ninh, the local authority said on Friday.

The projects, by its unit Foxconn Singapore, will raise total investments by Foxconn in Vietnam to about US$3 billion and will centre on the manufacture and assembly of telecom and electric vehicle (EV) parts, the provincial government said.

Foxconn did not immediately respond to a request for confirmation.

Of the investment, US$200 million will go into a factory to produce EV chargers and components, which is scheduled to start production in January 2025 with a workforce of 1,200 people.

The remaining US$46 million is for a plant to produce electronics and telecommunication components, with production set to begin in October 2024. Both facilities will be in the province's Song Khoai Industrial Park, 138 km east of Hanoi.

Foxconn, which has been in Vietnam for nearly two decades, also plans to set up a new factory in the central province of Nghe An. with an initial investment of US$100 million, the provincial local authority said last month.

To reach the editorial team on your feedback, story ideas and pitches, contact them here.
Copyright Reuters
© 2019 Thomson Reuters. Click for Restrictions.
Tags:
foxconn hardware vietnam

Related Articles

  • A*STAR backs GlobalFoundries in chip packaging R&D push in Singapore
  • The future of printing: How Epson’s business inkjet drives sustainability and efficiency
  • Indonesia’s Gramedia enhances retail operations with RFID technology
  • Micron to build semiconductor packaging facility in Singapore
Share on Twitter Share on Facebook Share on LinkedIn Share on Whatsapp Email A Friend

Most Read Articles

Malaysia's MYDIN streamlines warehouse operations

Malaysia's MYDIN streamlines warehouse operations

Micron to build semiconductor packaging facility in Singapore

Micron to build semiconductor packaging facility in Singapore

Texas Instruments expands existing footprint in Malaysia

Texas Instruments expands existing footprint in Malaysia

Kaynes Technology to invest US$454 million in two India semicon projects

Kaynes Technology to invest US$454 million in two India semicon projects

All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation.
Your use of this website constitutes acceptance of Lighthouse Independent Media's Privacy Policy and Terms & Conditions.