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.
