Apple supplier Foxconn has signed a memorandum of understanding with Vietnamese developer Kinh Bac City to expand its existing manufacturing plant in the north of the country to diversify and boost production, with an additional investment of 300 million yuan, Tuoi Tre newspaper wrote. Dollar. The Taiwanese company, officially known as Hon Hai Precision Industry, plans to build a new factory covering more than 50.5 hectares in Bac Giang province, northeast of Hanoi, which will create 30,000 local jobs and boost the regional economy, the report said. Foxconn didn’t specify what type of product it would make…
Apple supplier Foxconn has signed a memorandum of understanding with Vietnamese developer Kinh Bac City to expand its existing manufacturing plant in the north of the country to diversify and boost production, with an additional investment of $300 million, your three the newspaper wrote.
The Taiwanese company, officially known as Hon Hai Precision Industry, plans to build a new factory covering more than 50.5 hectares in Bac Giang province northeast of Hanoi, which will create 30,000 local jobs and boost the regional economy, the report said.
Foxconn didn’t specify what type of products the new factory will make or its capacity, but as one of the biggest Apple suppliers, it’s likely to make more Apple devices.
Regional transfer of manufacturing
The company, which has been producing in Beijiang for 15 years, has recently moved some iPad and AirPods production to Beijiang’s Guangzhou Industrial Park, according to reports.
It was previously reported that Foxconn has started trial production of Apple Watches and MacBooks in northern Vietnam.
Analysts say this largely has to do with Apple’s aim to reduce its reliance on China — amid geopolitical risks and China’s ongoing conflict with the US — and to diversify its supply chain to other countries.
Foxconn’s investments in Vietnam totaled $1.5 billion as of last year, according to Vietnamese government data.
