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.

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.

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.