Foxconn Singapore has been awarded a licence to speculate $551 million in two initiatives to provide good leisure merchandise and smart-system tools in Vietnam’s northern province of Quang Ninh, state media reported.
Foxconn, the world’s largest contract electronics maker and assembler, didn’t instantly reply to a request for remark. The corporate already has main operations in Vietnam.
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Via its unit Foxconn Singapore, the Taiwanese big has been awarded a licence for a $263.7 million undertaking to provide good leisure merchandise with an annual capability of 4.18 million items per yr, the Quang Ninh newspaper reported.
The second undertaking with an funding of $287.2 million and on an space of 12.Four hectares (30.64 acre), will make smart-system tools, the paper stated.
In accordance with the funding certificates, the 2 initiatives will full development in July, 2026. After a interval of equipment set up and trial operation, they had been resulting from launch official manufacturing in Might, 2027.
Final yr, Foxconn stated it will make investments about $250 million in two new initiatives in Quang Ninh to make electrical car and telecom components.
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Foxconn has invested greater than $3.2 billion in Vietnam since first coming into the Southeast Asian nation within the 2000s. Most of its manufacturing vegetation are situated within the northern provinces of Bac Ninh and Bac Giang. Final month, Vietnamese state media stated Foxconn has additionally been awarded a licence to speculate $383 million in a manufacturing facility to provide printed circuit boards.