Foxconn’s subsidiary Shunsin pours $60 mln into Vietnam subsidiary
ShunSin Technology Holdings Limited, under Taiwanese giant Foxconn, has increased the capital in ShunSin Technology (Vietnam) Co. Ltd. to $60 million, the firm said Friday.
In a filing with the Taiwan Stock Exchange (TWSE), ShunSin said the move was conducted on the same day via its wholly-owned subsidiary ShunSin Hong Kong.
After the move, the capital of ShunSin Technology (Vietnam) reached $80 million. The move aims to help ShunSin’s long-term equity investment, according to the filing.
A Foxconn factory in Bac Giang province. Photo courtesy of Bac Giang newspaper.
In November, a report of ShunSin showed that it plans to invest $80 million in Vietnam’s northern province of Bac Giang to produce integrated circuits (IC).
The project will cover 4.4 hectares in Quang Chau Industrial Park, a facility invested by leading industrial park developer Kinh Bac City (KBC).
The investment has an annual output of 4.5 million items. All of the products are set for export to the United States, the EU, and Japan.
In December, in a filing with the TWSE, Shunsin said the move aims to serve the firm's medium and long-term production expansion and the diversification of its production bases.
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