The projects, carried out by Foxconn Singapore, bring the Taiwanese company's total investment in Vietnam to $3 billion and will focus on manufacturing and assembling components used in electric vehicles (EVs) and telecommunications equipment.
Of this, $200 million is for a factory producing EV chargers and components, expected to start operating in January 2025 with about 1,200 workers.
The remaining 46 million USD will be invested in a factory producing electronic and telecommunications components, expected to be operational in October 2024. Both factories will be built in Song Khoai Industrial Park, 138 km from Hanoi .
The Taiwanese assembly giant is shifting its supply chain from China to other countries like India and Vietnam.
According to a report by Counterpoint , 85% of iPhones were assembled in China last year, while the number of devices “made in India” accounted for only 5%, but also increased to 65% compared to before. DigiTimes predicts that India could account for 50% of iPhone assembly output by 2027.
In Vietnam, Foxconn signed a contract to lease a 45-hectare land plot from Saigon- Bac Giang Industrial Park Joint Stock Company for $62.5 million. The land lease is to meet “operational and capacity expansion needs.” In August 2022, Foxconn signed a $300 million investment agreement to build a new factory in Bac Giang, where the company currently produces iPads and AirPods.
(According to Reuters)
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