Apple Partner to Invest $280 Million in Bac Ninh Plant
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- Business
- 23:33 19/01/2024
DNHN - Apple’s AirPods, Vision Pro AR headset manufacturing partner is planning to invest $280 million to set up a manufacturing facility in Bac Ninh, Vietnam.
Citing a filing by Goertek to the Shenzhen Stock Exchange on Wednesday, the South China Morning Post (SCMP) reported that Goertek, an AirPods manufacturing partner of Apple, has proposed a $280 million investment to build a factory in Vietnam “to meet the needs of business expansion and long-term development.”
According to the filing, Goertek’s Vietnam plant will produce consumer electronics ranging from AirPods, and smartwatches to virtual reality (VR) and augmented reality (AR) devices. The new investment project will cater to both the Chinese assembler’s future development plans and customer demand.
The plant is expected to be located in Bac Ninh province, which has attracted a slew of major South Korean companies including Samsung Electronics. Goertek said the project has the advantage of making good use of local resources to enhance the company’s overall competitiveness.
Goertek is a Chinese manufacturer and has been tapped by Apple as one of the key suppliers for its upcoming Vision Pro AR headset, which is set to be unveiled in February. According to the SCMP, Goertek’s move comes as Apple has begun shifting more of its production activities outside China.
In March 2023, Bloomberg reported that Goertek planned to manufacture the AR headset in Vietnam starting in 2024, hoping to generate more than half of its global revenue in the next three years from the product alone.
Apple has been encouraging its contract manufacturing partners to diversify into other countries, including Vietnam, to reduce reliance on China.
A report by AppleInsider citing research from US investment bank TD Cowen said Apple suppliers, including Taiwan’s Foxconn, have invested as much as $16 billion to reduce their dependence on China by moving production to Vietnam, India, Mexico and the US.
Notably, Foxconn late last year also announced plans to invest $1.6 billion in India to expand its presence in the country.
PV
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