Foxconn unit Fulian to invest additional $120 mln in northern Vietnam

By Tri Duc
Wed, July 3, 2024 | 8:47 pm GMT+7

Fulian Precision Technology Component Co., Ltd, an affiliated enterprise of Foxconn based in Bac Giang, plans to spend another $119.6 million on leasing land and/or building facilities in the province.

In a Tuesday filing with the Taiwan Stock Exchange (TWSE), Foxconn said the move aimed to serve operational needs, adding that “a supplemental announcement will be made after transaction is confirmed.”

Fulian Precision Technology Component factory in Bac Giang province, northern Vietnam. Photo courtesy of the firm.

Fulian Precision Technology Component factory in Bac Giang province, northern Vietnam. Photo courtesy of the firm.

Taiwan-based Foxconn, a key Apple supplier, established Fulian Precision Technology Component in January 2023 with a registered capital of $200 million. The firm is located Bac Giang’s Quang Chau Industrial Park.

Fulian Precision Technology Component manufactures electronic components, motherboards, computers and computer peripherals, servers and server chassis, communication equipment, network cards, network switches, digital TV receivers, graphics cards, memory and security products.

As of end 2023, Fulian Precision Technology Component’s total assets were valued at $259.7 million. It recorded an operating income of zero and post-tax profit of $3.42 million last year.

The Taiwan-headquartered firm has invested around $4 billion in five provinces in Vietnam, employing some 80,000 people, Brand Cheng, chairman and CEO of Foxconn, informed Vietnamese Prime Minister Pham Minh Chinh last month.

Foxconn’s most recent investment in Vietnam was announced in June, with its subsidiary, Foxconn Singapore Pte Ltd., set to invest $383.3 million in a new project to manufacture printed circuit boards (PCB) in the northern province of Bac Ninh.

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

Comments (0)
  • Read More
Indonesia secures funding for green power infrastructure at COP29

Indonesia secures funding for green power infrastructure at COP29

Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.

Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7

Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB

Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB

Hanoi-based Quang Kim Development and Investment JSC acquired 17.2 million shares of Vietnam International Commercial Joint Stock Bank (HoSE: VIB) on Monday.

Banking - Sat, November 16, 2024 | 9:47 am GMT+7

Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts

Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts

Vietnam can take the advantage of protectionist economic policies by Donald Trump, the 47th president of the U.S., to strengthen its position in global supply chains, attract foreign investment, and drive sustainable economic growth, write Dr. Tran Ngoc Mai and Prof. Dr. Doan Ngoc Thang, lecturers at the Banking Academy of Vietnam.

Top News - Sat, November 16, 2024 | 9:30 am GMT+7

GenAI set to increase Thai GDP by 6% by 2030

GenAI set to increase Thai GDP by 6% by 2030

Generative artificial intelligence (GenAI) is projected to raise Thailand's GDP by 6% by 2030, with hefty contributions from the trade and manufacturing sectors, according to a joint online survey by SCB X and SCB Economic Intelligence Centre (SCB EIC) of the country.

Southeast Asia - Sat, November 16, 2024 | 9:00 am GMT+7

Thailand prepares for nuclear energy

Thailand prepares for nuclear energy

Thailand’s Energy Regulatory Commission (ERC) will start looking into the legal aspects of a small modular reactor project this month to prepare Thailand for using nuclear energy.

Southeast Asia - Sat, November 16, 2024 | 8:30 am GMT+7

Data is money, big money: Vietnam tech giant FPT

Data is money, big money: Vietnam tech giant FPT

Vietnamese tech giant FPT Corporation views data as a new resource and is determined to convert it into money and an artery of the economy, says its general director Nguyen Van Khoa.

Companies - Sat, November 16, 2024 | 7:18 am GMT+7

US to support Indonesia in developing small modular nuclear reactors

US to support Indonesia in developing small modular nuclear reactors

The U.S. has pledged to assist Indonesia in accelerating the development of small modular nuclear reactors (SMRs), according to Indonesia's Presidential Office.

Southeast Asia - Sat, November 16, 2024 | 12:13 am GMT+7

Singapore's venture capital market grows increasingly attractive

Singapore's venture capital market grows increasingly attractive

Despite a slump in funding, Singapore’s venture capital market remained active in the first nine months, The Straits Times reported.

Southeast Asia - Sat, November 16, 2024 | 12:08 am GMT+7

VinFast CEO-owned firm secures extra deal to lease EVs to ride-hailing firm

VinFast CEO-owned firm secures extra deal to lease EVs to ride-hailing firm

A taxi service provider based in Vietnam’s central province of Binh Dinh will lease 1,000 VinFast electric cars from an electric vehicle (EV) leasing firm that is 90% owned by billionaire Pham Nhat Vuong, the CEO of the Vietnamese carmaker.

Companies - Fri, November 15, 2024 | 8:35 pm GMT+7

Chinese, Vietnamese firms plan $2 bln renewable energy-hydrogen project

Chinese, Vietnamese firms plan $2 bln renewable energy-hydrogen project

3TI Progetti Asia, a local planning-design business, and two Chinese firms plan to invest $2 billion in a hydrogen production project using renewable energy in Vietnam's south-central province of Ninh Thuan.

Energy - Fri, November 15, 2024 | 7:35 pm GMT+7

US Treasury retains Vietnam on ‘monitoring list’ for currency management

US Treasury retains Vietnam on ‘monitoring list’ for currency management

Vietnam, a major trading partner, remains on the U.S. Treasury Department’s “monitoring list,” the department has affirmed in its November 2024 report to the Congress.

Economy - Fri, November 15, 2024 | 4:48 pm GMT+7

Vietnam developer Becamex IDC plans to auction 300 mln shares

Vietnam developer Becamex IDC plans to auction 300 mln shares

Becamex IDC Corp, a leading eco-industrial and urban real estate developer in Vietnam, plans to auction 300 million shares with a minimum starting price of VND50,000 ($1.97) apiece on the Ho Chi Minh Stock Exchange (HoSE).

Companies - Fri, November 15, 2024 | 4:43 pm GMT+7

Vietnam shares end in red as US dollar climbs to new high

Vietnam shares end in red as US dollar climbs to new high

The U.S. dollar has strengthened against the Vietnamese dong to reach a fresh high on Friday, hampering investor sentiment on the stock market.

Finance - Fri, November 15, 2024 | 4:34 pm GMT+7

IFC invests $1.6 bln in Vietnam, focusing on green transition, private sector resilience

IFC invests $1.6 bln in Vietnam, focusing on green transition, private sector resilience

IFC, the private sector lending arm under the World Bank Group, has committed to provided loans totaling over $1.6 billion, including more than $750 million in long-term finance, in Vietnam in its fiscal year ending June 30.

Banking - Fri, November 15, 2024 | 3:09 pm GMT+7

Danang free trade zone earmarked as integrated business urban area

Danang free trade zone earmarked as integrated business urban area

Danang city in central Vietnam has proposed the establishment of a free trade zone (FTZ) as an integrated business urban area to fully capitalize on the city's development advantages.

Economy - Fri, November 15, 2024 | 2:49 pm GMT+7

Vietnam mulls tax relief for Thailand SCG, Korea Hyosung's petrochemicals projects

Vietnam mulls tax relief for Thailand SCG, Korea Hyosung's petrochemicals projects

Deputy Prime Minister Tran Hong Ha has asked the Ministry of Finance to discuss and draft feasible solutions regarding import-export taxes per suggestions of Long Son Petrochemicals and Hyosung Vina Chemicals.

Industries - Fri, November 15, 2024 | 12:49 pm GMT+7