(Bloomberg) — Taipei-based Apple Inc. supplier Foxconn will invest about $551 million in two new projects in northern Vietnam’s coastal Quang Ninh province.
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The company received a license for a US$264 million project in the Song Khoai Amata Industrial Park to produce smart entertainment products, with a designed capacity of about 4.2 million units per year, according to a post on the government website provincial. It was also allowed to invest in a US$287 million project in Bac Tien Phong Industrial Park to manufacture intelligent system equipment, the publication said.
Foxconn, whose main subsidiary Hon Hai Precision Industry Co. is responsible for assembling most of the world’s iPhones, has been diversifying its production bases with new manufacturing units in places like India and Vietnam. The two new projects bring Foxconn’s total promised investment in the province to about $1 billion, according to the post.
The Quang Ninh provincial government will form a working group to help Foxconn accelerate the process with “support measures and create the most favorable conditions” to complete construction by September 2025. The government last year announced two other Foxconn factories Foxconn that would manufacture electronic components, supported with a total investment of US$246 million.
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