Apple supplier Foxconn to invest extra $383 mln in northern Vietnam

Taiwanese electronic giant Foxconn, a major Apple supplier, will invest $383.3 million in a new project to manufacture printed circuit boards (PCB) in the northern province of Bac Ninh.

According to an investment certificate granted by the provincial authorities earlier this month, Foxconn Singapore Pte Ltd., a Foxconn subsidiary, will be the project investor.

The factory, called FCPV Foxconn Bac Ninh, will cover 14.3 hectares at the Nam Son-Hap Linh Industrial Park, a facility invested by one of Vietnam’s leading industrial real estate development companies, Kinh Bac City Development Holding Corporation.

The plant will have an annual capacity of 2.79 million items, equivalent to 2,989 tons.

Foxconn plans to complete administrative procedures in the first quarter of 2025, build the factory from Q1/2025 to Q1/2026, install machines and conduct trial production from Q1/2026-Q3/2026, and start official operations in Q3/2026.

Per documents signed by Foxconn and Kinh Bac City Development Holding Corporation, listed on the Ho Chi Minh Stock Exchange (HoSE) as KBC, the latter will receive land lease payments of $21.4 million, not including taxes and fees.

Foxconn has been investing in Vietnam since 2007 and had invested over $3.2 billion in the country before the latest move.

The Taiwanese electronics giant recorded a total operating income of $6.7 billion from its affiliated companies in Vietnam in 2023, according to its annual report.

Foxconn’s Vietnam units recorded total operating profits of $280.8 million and post-tax profits of $305.4 million.

In May, Foxonn spokesperson James Wu said the firm will focus on expanding production in China, India, Mexico, and Vietnam. “In Vietnam, we will focus on computing products,” he added.