Foxconn poised to invest US$700 million in Vietnam this year

VOV.VN - Foxconn Technology Group of Taiwan (China), the world’s largest contract electronics maker, is set to invest a sum of US$700 million into the nation over the course of the coming year, generating a total of 10,000 jobs and raking in US$10 billion in the process, according to reports published on March 10 by the Taiwan News.

The Taiwanese enterprise began investing in the country back in 2007, with the majority of its operations being based in Bac Ninh, Bac Giang, and Vinh Phuc. Following this, 2019 saw the group expand its investment in Quang Ninh whilst simultaneously increasing the scale of investment in Bac Giang.

Most notably, Foxconn had already invested a sum of US$1.5 billion in the country by the end of 2020, although its latest plan would see the creation of an additional 10,000 jobs this year, as reported by the Central News Agency (CNA).

One of the company’s major projects is the Fukang Technology Company factory in the northern province of Bac Giang which has been developed at a cost of US$270 million and features investment from Foxconn Singapore PTE Ltd.

Located in Quang Chau Industrial Park, the Fukang Technology Factory was established with the primary aim of manufacturing and outsourcing tablets and laptops at a capacity of approximately eight million products annually. Efforts to develop the factory were boosted by Apple Inc. requesting that its suppliers shift their production lines out of China and into new locations.

Foxconn’s total revenue in the nation amounted to US$3 billion in 2019, growing to US$6 billion in 2020, and could top US$10 billion this year, with US$40 billion being set as a target to reach within the course of the next three to five years.

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