Under the agreement with another FIT-affiliated company, New Wing will inject US$50 million to own a 25% stake in Goertek Electronics Vietnam, while the other FIT-affiliated company will hold the remaining 75%.

FIT considers this acquisition a “strategic investment.” FIT, headquartered in the Cayman Islands, currently operates in Hong Kong under the name FIT Hon Teng Limited.

According to an announcement sent to the Taiwan Stock Exchange, New Wing revealed that the deal remains subject to certain conditions, including approval from regulatory authorities.

Goertek Electronics Vietnam, a subsidiary of China’s Goertek Group, possesses significant production capabilities in northern Bac Ninh province, manufacturing products such as headphones, headphone chargers, and smartwatches.

Meanwhile, Foxconn has also invested in northern Bac Giang province with 11 projects capitalised at up to US$2.2 billion since 2007. As the largest investor in the locality, the Taiwanese firm has created 80,000 local workers so far. 

Most notably, last year witnessed Foxconn enjoy remarkable growth in Bac Giang with the group’s total revenue reaching VND268,000 billion, up 70% over the previous year.

The group raked in over US$11 billion from exports, making a significant contribution of more than VND550 billion to the state budget.

Prior to this acquisition, in late 2023, another Foxconn subsidiary, ShunSin Technology Holdings Limited, invested US$80 million into Shunsin Technology (Vietnam) Co., Ltd. The factory is expected to produce 4.5 million electronic components and integrated circuits annually, and all these products will be exported to the United States, the European Union, and Japan.

Foxconn expands operation in Vietnam

VOV.VN - Foxconn, Apple’s largest contractor, has decided to pour US$62.5 million into a land lease contract in bac Giang province of Vietnam to expand its operation in Vietnam, according to South China Morning Post (SCMP).