Foxconn acquires more land in Vietnam to add $100 mln
Apple’s biggest contractor Foxconn will add another $100 million to Vietnam as the Taiwanese electronic giant pushes ahead with efforts to shift more production away from mainland China as part of global supply chain diversification.
The new investment is for an electronic components plant in WHA Industrial Zone 1 in the central province of Nghe An.
Foxconn has leased a new site in WHA Industrial Zone 1 in Nghe An province, central Vietnam. Photo courtesy of WHA.
“The investment procedures have been completed,” Le Tien Tri, head of the management board of the Southeast Nghe An Economic Zone, told The Investor on Thursday.
The production site is 48 hectares, and this $100 million investment will be for the facility’s phase one, he said.
Foxconn is listed as 2354 on the Taiwan Stock Exchange, or TWSE. According to TWSE data, the production site is at Lot B3 in WHA Industrial Zone 1. Foxconn has obtained a lease with the industrial park for 48 hectares for more than VND509.5 billion (over $21.7 million), according to an exchange filing to TWSE on Tuesday.
In February, the tech giant signed a lease for a plot of 50 hectares in Quang Chau Industrial Park in Bac Giang province near Hanoi for around $62.5 million to meet “operational needs and expand production capacity”, according to another exchange filing to TWSE at that time.
The land leasing deal will run until February 2057, and the production project is expected to create more than 30,000 local jobs, according to Quang Chau IP data. The giant has not disclosed products to be made by this facility.
At Quang Chau IP, Foxconn had earlier leased 70 hectares for its facilities and spent a total of $773 million on them.
Foxconn has been producing iPads and AirPods in Vietnam for Apple Inc. It plans to start making MacBooks for Apple this May.
The Taiwanese heavyweight announced last August an investment of $300 million to expand its manufacturing capacity in northern Vietnam.
- Related News
- Read More
Mitsubishi taps Vietnam market with $1.8 mln investment in food importer Homefarm
Mitsubishi Shokunin, the food arm of Japanese keiretsu Mitsubishi, has invested VND45 billion ($1.8 million) in Homefarm, a Vietnamese food import start-up, the firm said.
Companies - Wed, April 24, 2024 | 4:45 pm GMT+7
No Vinhomes funding for VinFast: CEO
Vinhomes CEO Nguyen Thu Hang says the residential property development arm of Vietnam’s private conglomerate Vingroup has not provided financing for other companies in the group’s ecosystem, including EV-maker VinFast.
Companies - Wed, April 24, 2024 | 4:37 pm GMT+7
Japan's Vsun Solar begins commercial operations of 4GW silicon wafer plant in Vietnam
Tokyo-headquartered Vsun Solar has commenced commercial production at its 4-gigawatt silicon wafer plant in Vietnam.
Industries - Wed, April 24, 2024 | 3:39 pm GMT+7
Thailand’s Super Energy told to complete paperwork first, construct wind power project later
Super Wind Energy Congly Bac Lieu JSC, under Thailand’s renewable energy developer Super Energy, is looking to restart its 141-MW Bac Lieu wind power plant phase III in Vietnam’s Mekong Delta province of Bac Lieu.
Energy - Wed, April 24, 2024 | 3:32 pm GMT+7
Standard Chartered revises down Vietnam GDP growth forecast to 6%
Standard Chartered Bank has lowered Vietnam's 2024 GDP growth forecast to 6% from 6.7% in January due to lower-than-expected Q1 growth and global trade headwinds.
Economy - Wed, April 24, 2024 | 3:03 pm GMT+7
TPBank targets after-tax profit of $295 mln in 2024
Private Vietnamese lender TPBank targets to earn VND7.5 trillion ($294.75 million) in after-tax profit this year, according to CEO Nguyen Hung.
Banking - Wed, April 24, 2024 | 1:09 pm GMT+7
Sumitomo Mitsui-invested VPBank plans to merge with ailing lender
Hanoi-based VPBank, the biggest private lender by charter capital in Vietnam, will ask for shareholders’ approval to proceed with a plan to acquire a weak bank following a request by the State Bank of Vietnam (SBV).
Banking - Wed, April 24, 2024 | 11:18 am GMT+7
Man arrested after 7 workers die in cement crusher accident
Tran Manh Hung, 44, has been accused of violating labor safety regulations in an accident that killed seven people and injured three others at a Yen Bai province-based cement factory in northern Vietnam.
Society - Wed, April 24, 2024 | 10:12 am GMT+7
Jewelry mogul Doji expands investment portfolio beyond gold
Doji Gold & Gems Group JSC, Vietnam’s leading jewelry maker, has expanded its investment portfolio, ranging from its pillar arm of gold and silver to finance, banking, and real estate.
Companies - Wed, April 24, 2024 | 9:42 am GMT+7
Increased US imports propels Vietnam wood industry growth
Export of wood and wood products reached $3.5 billion in the first three months of 2024, dominated by the U.S. with $1.9 billion, up more than 36.4% year-on-year.
Economy - Wed, April 24, 2024 | 8:09 am GMT+7
Vincom Retail to retain name, new shareholders to boost company growth: AGM
Vincom Retail leaders said Tuesday that the company does not intend to change its name for now and that it will benefit from the extensive operating experience of new shareholders.
Companies - Tue, April 23, 2024 | 10:40 pm GMT+7
Vinh Phuc province vice chairman arrested for accepting Phuc Son Group bribes
Nguyen Van Khuoc, vice chairman of the Vinh Phuc People’s Committee and chairman of the province’s land price appraisal council, has been arrested for accepting bribes in the Phuc Son Group scam.
Politics - Tue, April 23, 2024 | 9:04 pm GMT+7
Vietnam tech giant FPT to invest $200 mln in AI factory, utilizing Nvidia technology
Vietnam’s leading tech firm FPT Corp. will invest $200 million in building an artificial intelligence (AI) factory, utilizing technology provided by U.S. chip and AI giant Nvidia.
Industries - Tue, April 23, 2024 | 5:50 pm GMT+7
VAFIE to maintain core strength focus – offer policy advice, facilitate economic ties
The Vietnam's Association of Foreign Invested Enterprises (VAFIE) will continue participating in policy and law building activities and facilitating multilateral economic relations, its executive committee said at a review meeting Tuesday.
Economy - Tue, April 23, 2024 | 5:36 pm GMT+7
Vietnam economic recovery expected to speed up in H2: WB
Vietnam’s economy has shown signs of uneven recovery in early 2024 and economic activities are expected to firm up in the second half of this year, the World Bank says in its latest bi-annual economic update.
Economy - Tue, April 23, 2024 | 4:37 pm GMT+7
NSH Petro suffers second successive quarterly loss as Q1 revenue plunges 88%
Nam Song Hau Trading Investing Petroleum JSC, or NSH Petro - a major fuel supplier in Vietnam’s Mekong Delta region, incurred a net loss of VND24 billion ($942,730) in Q1 this year, a stark contrast to the VND199 billion profit recorded in the same period of 2023.
Companies - Tue, April 23, 2024 | 3:27 pm GMT+7
