July 18, 2024
Foxconn to Invest $300 Million to Expand Vietnam Facility [Report]

Foxconn to Invest $300 Million to Expand Vietnam Facility [Report]

Posted August 22, 2022 at 3:55pm by iClarified
Apple assembler Foxconn has signed a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City to expand its facility in the north of the country, reports Tuio Tre via Reuters. The investment will diversify and boost production in Vietnam.

The new factory will be situated on a plot of 50.5 hectares (125 acres) in Bac Giang province and generate 30,000 local jobs. Tuio Tre says Foxconn has already moved some iPad and AirPod production to Quang Chau Industrial Park, Bac Giang but it did not reveal what the new factory would be used for.

Foxconn Group has just signed a contract with Saigon - Bac Giang Industrial Park Joint Stock Company (SBG) to lease an additional 50.5 hectares of land to build a new factory. After completing Foxconn's new factory in Quang Chau Industrial Park, about 30,000 additional workers will be recruited.

It's likely that Foxconn's expansion in Vietnam will help Apple diversify its supply chain outside of China.

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Foxconn to Invest $300 Million to Expand Vietnam Facility [Report]
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