Foxconn invests fresh $100 mln in Vietnam

By Tuong Minh
Mon, August 14, 2023 | 10:59 am GMT+7

Foxconn, the world's largest contract electronics maker, has injected $100 million into its Singapore unit FIT Singapore to add to a new production project in Vietnam, according to the Taiwan Stock Exchange (TWSE).

Through FIT Singapore, or Foxconn Interconnect Technology Singapore Pte. Ltd., FIT Hon Teng, a subsidiary of Taiwan-based Foxconn, is going to put this new investment into Fu Wing Interconnect Technology (Nghe An) Co. Ltd. as part of the manufacturing giant’s global supply chain diversification.

Foxconn is Apple’s biggest contractor and its shares are traded on the TWSE. Meanwhile, FIT Hon Teng is listed in Hong Kong.

A corner of WHA Industrial Zone 1 in Nghe An province, central Vietnam. Photo courtesy of Nghe An newspaper.

A corner of WHA Industrial Zone 1 in Nghe An province, central Vietnam. Photo courtesy of Nghe An newspaper.

The investment procedures for the giant’s new factory in the central province of Nghe An were completed in May, Le Tien Tri, head of the management board of the Southeast Nghe An Economic Zone, told The Investor on May 11.

The production site covers 48 hectares, and this $100 million investment will be used for phase one of the facility, he said.

Foxconn has selected WHA Industrial Zone 1 in Nghe An for the project. A May exchange filing to TWSE shows the production site is in Lot B3 which Foxconn obtained a lease for costing more than VND509.5 billion (over $21.7 million) in the same month.

In February, the tech giant signed a lease for a 50-hectare site 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.

In late June, the northern province of Quang Ninh granted investment certificates to two Foxconn projects with total registered capital of $246 million.

FECV Foxconn Quang Ninh, with an investment of $200.24 million, will manufacture and assemble electronic components, chargers, and charger controllers for electric vehicles.

FMMV Foxconn Quang Ninh, with an investment of $46 million, will produce components for communications and IT products.

Also as part of global supply chain diversification, FIT Hon Teng of Foxconn is expanding production capacity in India by investing a further $400 million, according to an announcement posted on TWSE at the weekend.

Through FIT Singapore, FIT Hon Teng will spend $400 million to invest in Chang Yi Interconnect Technology (India) Private Ltd. According to Foxconn, Chang Yi Interconnect Technology had previously acquired a parcel of land located in Hyderabad city in the Indian state of Telangana to build a factory, a research and development center, and dormitories. Construction of the factory started in mid-May.

Comments (0)
  • Read More
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.

Energy - Thu, August 7, 2025 | 5:07 pm GMT+7

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.

Companies - Thu, August 7, 2025 | 4:31 pm GMT+7

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.

Energy - Thu, August 7, 2025 | 4:17 pm GMT+7

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.

Economy - Thu, August 7, 2025 | 2:21 pm GMT+7

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.

Companies - Thu, August 7, 2025 | 2:01 pm GMT+7

Indonesia, Malaysia, Thailand expand local currency transaction network

Indonesia, Malaysia, Thailand expand local currency transaction network

Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.

Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7

ASEAN to sign MoU on regional power grid implementation

ASEAN to sign MoU on regional power grid implementation

ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.

Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.

Companies - Thu, August 7, 2025 | 12:41 pm GMT+7

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.

Economy - Thu, August 7, 2025 | 12:19 pm GMT+7

Malaysia pledges big purchases, investments with US

Malaysia pledges big purchases, investments with US

Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.

Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.

Companies - Thu, August 7, 2025 | 10:11 am GMT+7

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.

Economy - Thu, August 7, 2025 | 9:57 am GMT+7

Malaysia steps up efforts to explore nuclear energy potential

Malaysia steps up efforts to explore nuclear energy potential

Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.

Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7

Indonesia's economy grows faster than expected

Indonesia's economy grows faster than expected

Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).

Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7

Philippine energy group eyes investment in Vietnam’s power sector

Philippine energy group eyes investment in Vietnam’s power sector

AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.

Energy - Wed, August 6, 2025 | 11:11 pm GMT+7

Vietnam seeks 8.3-8.5% economic expansion for 2025

Vietnam seeks 8.3-8.5% economic expansion for 2025

The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.

Economy - Wed, August 6, 2025 | 10:41 pm GMT+7