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Foxconn invests another 300 million USD in Bac Giang

Expat in Vietnam August 19, 2022

Hong Hai Science and Technology Group (Foxconn) plans to lease 50.5 hectares of land in Quang Chau Industrial Park (Bac Giang) to invest in a new project with a capital of 300 million USD.

Recently, Saigon – Bac Giang Industrial Park Joint Stock Company (a subsidiary of Kinh Bac Urban Development Corporation) signed a memorandum of understanding for Hong Hai Science and Technology Group (Foxconn) to sublease 50, 5 hectares of land in Quang Chau Industrial Park, Bac Giang province.

It is expected that Foxconn will invest in a new project with a total investment of more than 300 million USD, and at the same time employ 30,000 local workers. In April last year, the group announced to invest 700 million USD in Vietnam to expand production scale with the expectation of earning 10 billion USD.

Foxconn is a large corporation in the fields of electronics, information technology and computers. This is also the largest FDI enterprise in Quang Chau Industrial Park with a total leased area of ​​69.82 hectares. Total registered investment capital reached 773 million USD.

In two years 2019 and 2020, Foxconn’s revenue in Vietnam reached 3 billion USD and 6 billion USD respectively.

Notably, Foxconn is the company responsible for outsourcing Apple products. Businesses with similar roles in Vietnam also include Luxshare, Pegatron…

Foxconn dau tu, Doi tac Apple anh 1

Foxconn dau tu, Doi tac Apple anh 1

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Employees at the factory of Luxshare ICT Vietnam. Photo: Minh Khanh.

Also at this time, Nikkei Asian Review said that Apple has a desire to produce Apple Watch and MacBook in Vietnam. This is the first time that the above technological equipment is processed outside of China.

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Since Covid-19 appeared, Apple has moved many equipment production lines from China to neighboring countries, especially Vietnam. Previously, some other Apple products such as AirPods headphones were delivered to Luxshare factory in Bac Giang for production from 2020.

However, Apple’s main product (iPhone) has not yet been processed in Vietnam. Sharing with Nikkei, an expert revealed that Apple has big plans in Vietnam and will expand its portfolio of outsourcing equipment.

Quang Chau Industrial Park is currently invested by Saigon – Bac Giang Industrial Park Joint Stock Company. This is also one of the industrial zones of Bac Giang province, next to Van Trung and Dinh Tram, attracting a large amount of FDI capital.

@ Zing News

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