Foxconn's Vietnam units earn $6.7 bln in 2023
Hon Hai Precision Industry Co., Ltd., also known as Foxconn, recorded a total operating income of $6.7 billion from its affiliated companies in Vietnam in 2023, according to the Taiwanese electronics giant's annual report.
Foxconn’s Vietnam units recorded total operating profit of $280.8 million, while its total post-tax profit reached $305.4 million.
During 2023, Foxconn established new affiliated enterprises in Vietnam, including Fulian Precision Technology Component Company Limited in Bac Giang province; Foxconn EV Energy & Component (Vietnam) Co., Ltd. and Foxconn Mechanical Manufacturing (Vietnam) Co., Ltd in Quang Ninh province; and Fu Wing Interconnect Technology (Nghe An) Company Limited in Nghe An province.
The entrance to Fuhong Precision Component Bac Giang factory in Bac Giang province, northern Vietnam. Photo courtesy of the firm.
Among the units, the biggest earners were Fuyu Precision Component Co., Ltd., Fuhong Precision Component (Bac Giang) Limited, and New Wing Interconnect Technology (Bac Giang) Co., Limited, all located in Bac Giang province. Their respective operating incomes were $2.6 billion, $1.36 billion, and $1.2 billion.
In terms of post-tax profit, the biggest figures belonged to Fuyu Precision Component Co., Ltd with $153.1 million, New Wing Interconnect Technology (Bac Giang) Co., Limited with $65.6 million, and Funing Precision Component Co., LTD in Bac Ninh province with $45 million.
Performance of Foxconn in Vietnam in 2023. Data compiled from Foxconn's annual report.
Earlier this month, James Wu, spokesperson for Foxconn, said Foxconn would focus on expanding production in China, India, Mexico, and Vietnam. “In Vietnam, we will focus on computing products,” Wu noted.
Also in May, state utility Vietnam Electricity (EVN) rejected a Reuters article which quoted two sources as saying that Vietnamese authorities had called on Apple supplier Foxconn to "voluntarily cut power use by 30% at its assembly plants in the north of the country."
EVN said that since late 2023 and early 2024, it has been preparing for different scenarios and has so far this year ensured electricity supply. "EVN does not have any plans and does not ask customers to refrain from power use," it added.
- Related News
- Read More
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout
Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7
Vietnam needs support from UK in developing international financial center: Deputy PM
Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).
Finance - Mon, September 15, 2025 | 10:12 pm GMT+7
Vietnam enforces 8% capital adequacy ratio for banks from Sept 15
Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.
Banking - Mon, September 15, 2025 | 10:04 pm GMT+7
Tool for wood traceability management debuts in Vietnam
The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.
Companies - Mon, September 15, 2025 | 10:00 pm GMT+7
Sun Group, US Embassy foster aviation-hospitality cooperation
Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.
Companies - Mon, September 15, 2025 | 9:54 pm GMT+7
Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1
Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.
Companies - Mon, September 15, 2025 | 8:10 pm GMT+7
Central Vietnam to have new airport Mang Den
Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.
Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7
Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital
The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.
Economy - Mon, September 15, 2025 | 2:20 pm GMT+7
Agribank introduces sizable $4.17 bln preferential credit package
Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.
Companies - Mon, September 15, 2025 | 1:32 pm GMT+7
'Precious space' in Vietnam's monetary policy
The Federal Reserve's continued cuts in 2025, with the most recent in September, are considered a valuable policy "space" for the State Bank of Vietnam (SBV) to maintain low interest rates to support growth without having to worry too much about exchange rates.
Economy - Mon, September 15, 2025 | 10:15 am GMT+7
Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS
The State Bank of Vietnam (SBV) intervened in the foreign exchange market by selling approximately $1.5 billion via 180-day cancelable forward contracts from August 25-26, in an effort to ease pressure on the Vietnamese dong, according to a recent report by MB Securities (MBS).
Banking - Mon, September 15, 2025 | 8:04 am GMT+7
Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026
A consortium of “tunnel king” Deo Ca Group and real estate developer Van Phu Invest has been assigned by the Hanoi People’s Committe to prepare an investment proposal for the VND300 trillion ($11.37 billion) Red River Boulevard & Landscape project.
Real Estate - Mon, September 15, 2025 | 7:55 am GMT+7
