Foxconn to Invest $551 Million in Two New Projects in Vietnam's Quang Ninh Province

Foxconn, the Taipei-based supplier for Apple, plans to invest approximately $551 million in two new ventures in Vietnam’s northern coastal province of Quang Ninh. The company has received approval for a $264 million project at Song Khoai Amata Industrial Park to manufacture smart entertainment products, with a projected capacity of around 4.2 million units annually, as reported on the provincial government’s website.

Additionally, Foxconn has been authorized to invest in a $287 million project at Bac Tien Phong Industrial Park to produce smart-system equipment, according to the same posting.

Foxconn, whose primary subsidiary, Hon Hai Precision Industry, is responsible for assembling the majority of the world’s iPhones, has been expanding its manufacturing operations with new sites in countries such as India and Vietnam. These two new projects bring Foxconn’s total pledged investment in Quang Ninh province to approximately $1 billion, the posting noted.

The Quang Ninh provincial government will establish a working group to assist Foxconn in expediting the process by providing “supportive measures and creating the most favourable conditions” to complete construction by September 2025.

Last year, the government announced two additional Foxconn plants dedicated to manufacturing electronic components, with a combined investment of $246 million.

By fLEXI tEAM