Luxshare-ICT (Vietnam) Limited, a subsidiary of major Chinese electronics producer Luxshare-ICT and a supplier for Apple Inc., has received approval to raise registered capital in its Bac Giang province project by $330 million.
In a Wednesday announcement, the Bac Giang Industrial Zones Authority said the latest, 10th adjustment made by Luxshare raised its total investment to $504 million. The firm will disburse the additional investment in 12-24 months.
The new investment will be used to expand facilities covering 29.1 hectares at the northern province’s Quang Chau Industrial Park.
The facilities produce cables for smart devices, digital voice transmitting equipment, telecommunications devices, signal diffusion items, touch pens, lighting devices, digital locks, intercoms, smart watches, locators and other items.
Luxshare started investing in Bac Giang in 2019 and its additional investment is the second-biggest made by foreign investors in the province after $378 million by JA Solar.
Prior to the latest investment, Luxshare-ICT had invested about $600 million in Vietnam, including $270 million in Bac Giang province and $330 million in the central province of Nghe An. It has another project Bac Giang that manufactures earphones.
The continued recovery of Vietnam’s industrial sector is reflected in the index of industrial production (IIP) rising 5.5% in October over September. The January-October index was up 0.5% year-on-year, according to the General Statistics Office. Bac Giang outperformed the national average with its IIP growing 18.2% in the ten-month period.