Foxconn gets licence to invest $551 mln more in Vietnam, media reports (updated)

Foxconn Technology

04/07/2024 10:15

(Adds details)
       HANOI, July 4 (Reuters) - Foxconn Singapore has been
awarded a licence to invest $551 million in two projects to
produce smart entertainment products and smart-system equipment
in Vietnam's northern province of Quang Ninh, state media
reported.
    Foxconn  2354.TW , the world's largest contract electronics
maker and assembler, did not immediately respond to a request
for comment. The company already has major operations in
Vietnam.
    Through its unit Foxconn Singapore, the Taiwanese giant has
been awarded a licence for a $263.7 million project to produce
smart entertainment products with an annual capacity of 4.18
million units per year, the Quang Ninh newspaper reported. 
        The second project with an investment of $287.2 million
and on an area of 12.4 hectares (30.64 acre), will make
smart-system equipment, the paper said.     
  
        According to the investment certificate, the two
projects will complete construction in July, 2026. After a
period of machinery installation and trial operation, they were
due to launch official production in May, 2027.
  
        Last year, Foxconn said it would invest about $250
million in two new projects in Quang Ninh to make electric
vehicle and telecom parts.
  
        Foxconn has invested more than $3.2 billion in Vietnam
since first entering the Southeast Asian country in the 2000s.
Most of its manufacturing plants are located in the northern
provinces of Bac Ninh and Bac Giang.
  
       Last month, Vietnamese state media 
    said
     Foxconn has also been awarded a licence to invest $383
million in a factory to produce printed circuit boards.
  

 (Reporting by Phuong Nguyen and Khanh Vu
Editing by Ed Davies)
 ((Phuong.Nguyen@thomsonreuters.com; +84-24-3852-9623;))