Foxconn to invest $246 mln in 2 projects in northern Vietnam (updated)

Foxconn Technology

30/06/2023 05:35

(Releads, adds breakdown of the investment and details)
       HANOI, June 30 (Reuters) - The world's largest contract
electronics maker and assembler, Foxconn  2354.TW , has received
approval from Vietnam to invest $246 million in two new projects
its northern province of Quang Ninh, the local authority said on
Friday.
    The projects, by its unit Foxconn Singapore, will raise
total investments by Foxconn in Vietnam to about $3 billion and
will centre on the manufacture and assembly of telecom and
electric vehicle (EV) parts, the provincial government said.
    Foxconn did not immediately respond to a request for
confirmation. 
    Of the investment, $200 million will go into a factory to
produce EV chargers and components, which is scheduled to start
production from January 2025 with a workforce of 1,200 people. 
    The remaining $46 million is for a plant to produce
electronics and telecommunication components, with production
set to begin in October 2024. Both facilities will in the
province's Song Khoai Industrial Park, 138 km (85.75 miles) east
of Hanoi.
    Foxconn, which has been in Vietnam for nearly two decades,
also plans to set up a new factory in the central province of
Nghe An. with an initial investment of $100 million, the
provincial local authority said last month.

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