Foxconn continues investment in Vietnam

DNHN - Foxconn has been present in Vietnam since 2007, specializing in the production of consumer electronics. To date, Foxconn has invested over $3 billion in Vietnam.

On July 3rd, the People’s Committee of Quang Ninh Province awarded an investment registration certificate to Foxconn (Taiwan) to implement two projects with a total investment of $551 million.

The first project, Smart Entertainment Products, is located in the Song Khoai Industrial Park (Amata) covering an area of 21.5 hectares, with a total investment of $263.7 million and a designed capacity of 4.18 million products per year.

The second project, Smart Systems, is located in the Bac Tien Phong Industrial Park (Deep C) covering an area of 12.4 hectares, with a total investment of $287.2 million and a designed capacity of 8.78 million products per year.

These projects are in the manufacturing sector, aligning with Quang Ninh's goals and investment attraction strategy.

Foxconn started investing in Quang Ninh in 2019 with the S-Vietnam Project in the Dong Mai Industrial Park, with an investment of $137 million, which is now operational.

Last year, Foxconn continued to invest in two more projects with a total investment of $246 million. These included a factory for producing electric vehicle components and a factory for processing molds for information technology and communication products. To date, Foxconn has invested in a total of five projects in Quang Ninh with a total investment of nearly $1 billion.

Mr. Cao Tuong Huy, Chairman of the Quang Ninh People's Committee, stated that this demonstrates the investor’s trust in the province's investment environment. Quang Ninh hopes Foxconn will continue to engage and explore further investment projects in the province. Quang Ninh aims to become a strategic investment location for the corporation.

To support Foxconn in implementing its projects, Quang Ninh commits to creating the best conditions for the investor according to the law and the province's support policies. Industrial park developers are urged to accelerate the construction of comprehensive infrastructure to meet the needs of secondary projects and those implemented by Foxconn.

Mr. Roy Shen, Senior General Manager of Unit E, Foxconn Group, committed to shortening the construction period of the two projects by 10 months compared to the previous investment plan, aiming to complete them by September 2025, as directed by Quang Ninh Province.

Recently, Foxconn has announced plans to invest in various localities across Vietnam.

At the end of June, the Taiwanese group revealed plans to implement a project worth over $383 million in the Nam Son - Hap Linh Industrial Park in Kinh Bac. The project aims to produce components, assemble, and process printed circuit boards (PCBs) with a total capacity of nearly 3 million products per year, covering an area of over 142,693 square meters.

Last year, Apple Insider reported that Foxconn was looking for a site in Nghe An, requiring a land area of 480,000 square meters. In March of the same year, there were reports that Foxconn intended to invest approximately $700 million in a new factory to increase iPhone component production.

In February, Foxconn signed a land lease agreement with the Saigon-Bac Giang Industrial Park Company, leasing 111 acres (about 444 square meters) until 2057 for $62.5 million.

Duc Anh