Foxconn to invest $16 mln more in Vietnam’s Quang Ninh province

Competition Team Technology (Vietnam) Company Limited, a subsidiary of Foxconn, will invest an extra $16 million in its “S- Vietnam” project in the northern coastal province of Quang Ninh.

The firm started the investment with an initial amount of $137 million in 2019. Last month, it received an investment registration certificate, also the fifth adjustment, to increase the total investment to $153 million, according to a recent project report.

Covering 10 hectares in Dong Mai Industrial Park, the project now employs 1,060 people and is set to hike the figure to 2,010 upon expansion.

It aims to complete administrative procedures, install additional machines, and run trial production in November 2024-March 2025, and officially start operating the expansion from April 2025.

The expansion is for higher production of electronic components and frames for electronic products (desktops, laptops, tablets, and server stations).

In combination with other phases, the project has an annual capacity of 1.1 million televisions, 700,000 LCD displays, 4.7 million electronic components, 500,000 vacuum robots, 1.5 million cooling devices, 1.5 million cooling fans, 3.6 million led light bar sets, and 3.7 million frames for electronic products.

In June, Brand Cheng, CEO at Foxconn Industrial Internet, informed Vietnamese Prime Minister Pham Minh Chinh that the Taiwan-headquartered firm had invested around $4 billion in five Vietnamese provinces, employing 80,000 people.

In Quang Ninh province, besides “S-Vietnam” project, Foxconn has invested $551 million in two other projects. Two major products of the investment are Nintendo Switch and PlayStation gaming consoles.