Foxconn Plans $246M Investment In Northern Vietnam For Manufacturing EV Parts: Report

Taiwanese electronics contract manufacturer Foxconn Technology Co., Ltd. FXCOF has reportedly received approval from Vietnam to invest $246 million in two new projects in its northern province of Quang Ninh.

Foxconn Singapore will undertake the projects, Reuters reported citing a statement from the provincial government. The project will center on manufacturing and assembling telecom and electric vehicle (EV) parts.

Foxconn will spend $200 million on producing EV chargers and components, beginning in January 2025 with a workforce of 1,200 people.

With the remaining $46 million, Foxconn plans to produce electronics and telecommunication components in October 2024.

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Total investments raised by Foxconn in Vietnam total about $3 billion, mentioned Reuters. 

The report added that the company also plans to set up a new factory in the central province of Nghe An. with an initial investment of $100 million.

Earlier this year, Foxconn leased a new site in Vietnam as the company continues diversifying production away from China, South China Morning Post reported. 

Foxconn also reportedly signed a $300 million agreement with a Vietnamese developer last August to build a new factory in Vietnam's Bac Giang, which already produces iPads and AirPods.