CNA – Foxconn is set to invest about USD250 million in two new projects in Vietnam, including for the production of components for electric vehicles (EVs), the world’s largest contract electronics assembler and local authorities said.
The move confirms Foxconn’s global plans to become a player in the EV industry, after having focused for years on assembling electronic products for Apple and other major brands.
The Taiwanese giant, through its unit Foxconn Singapore, is set to invest approximately USD250 million in an industrial park in northern Vietnam, “focusing on the production of EV components, controllers and other products to meet future development needs”, it said in a statement to a news agency.
The new projects would take its total investment in the southeast Asian manufacturing hub to about USD3 billion in nearly two decades since it built its first plant there.
Local authorities confirmed they had authorised Foxconn’s new investment.
The largest chunk of the new funding, about USD200 million, will go into a factory to produce EV chargers and components, which is scheduled to start production from January 2025 with a workforce of 1,200 people, authorities said.
The remaining USD46 million is for a plant to produce electronics and telecommunication components, with production set to begin in October 2024.
Both facilities will be in the province’s Song Khoai Industrial Park, 138kilometres east of Hanoi.
“With roots that go back more than 15 years, Foxconn’s base in Vietnam is one of the key locations in our global footprint,” the company said in a statement.
