Apple supplier Foxconn invests extra $551 mln in Vietnam’s Quang Ninh province

Taiwanese electronics giant Foxconn, a major Apple supplier, has received investment registration certificates to pour an additional $551 million into Vietnam’s northern coastal province of Quang Ninh, which borders China.

Foxconn will invest $263.7 million in Song Khoai Industrial Park, also known as Amata City Ha Long, invested by Thailand’s top developer Amata. The 21.5-hectare project has an annual output of 4.18 million smart entertainment items.

The company will also invest $287.2 million in Bac Tien Phong Industrial Park, also called Deep C Quang Ninh, invested by Belgian port developer Rent A Port. The 12.4-hectare project has an annual capacity of 8.78 million smart systems.

The two projects are scheduled for completion in September 2025.

Foxconn’s five investments in Quang Ninh province have reached $1 billion. The first $137 million was channelled into its facilities in Dong Mai Industrial Park. In 2023, Foxconn received investment registration certificates for two more projects worth $246 million.

Speaking at the event, Quang Ninh Chairman Cao Tuong Huy emphasized that Foxconn’s investments demonstrated Quang Ninh’s attractiveness for investors. He also called on Foxconn to continue investing in the province, and turn Quang Ninh into a major hub for the tech giant.

For his part, Roy Shen, a representative of Foxconn, appreciated the support of Quang Ninh's authorities and said Foxconn would consider new investments in the province.

Prior to the move, the Taiwan-headquartered firm had invested around $4 billion in five provinces in Vietnam, employing 80,000 people, Brand Cheng, chairman and CEO of Foxconn, told Vietnamese Prime Minister Pham Minh Chinh last month.

Foxconn recorded a total operating income of $6.7 billion from its affiliated companies in Vietnam in 2023.