Foxconn, a contract electronics maker and assembler headquartered in Taiwan, has received approval from Vietnam to invest $246 million in two new projects in the province of Quang Ninh. The projects, led by its unit Foxconn Singapore, will focus on the production and assembly of telecom and electric vehicle (EV) parts. This investment will increase Foxconn's total investments in Vietnam to approximately $3 billion. One project, with an investment of $200 million, will establish a factory for manufacturing EV chargers and components, expected to commence production in January 2025 with a workforce of one thousand two hundred employees. The remaining $46 million will be allocated to a plant producing electronics and telecommunication components, set to begin operations in October 2024. Both facilities will be located in the Song Khoai Industrial Park, situated 138 kilometres east of Hanoi. In addition, Foxconn has plans to establish a new factory in the province of Nghe An, with an initial investment of $100 million.
Foxconn's significant investment in Vietnam highlights the company's commitment to expanding its presence in the country. With its headquarters in Taiwan and nearly two decades of operations in Vietnam, Foxconn has positioned itself as a key player in the contract electronics manufacturing industry. The company's focus on the production of telecommunications and EV components aligns with the growing demand for these technologies. By establishing new factories in Quang Ninh and Nghe An, Foxconn aims to capitalize on Vietnam's favorable business environment and strategic location, further strengthening its position as a global leader in the electronics manufacturing sector.