Compal Electronics, a supplier to Apple, Amazon, and Dell, signed a deal to lease 40 hectares of land in Thai Binh province for its new $260 million investment in Vietnam on Friday.
The Taiwan-based heavyweight will start work on its new 15-hectare factory in Lien Ha Thai Industrial Park in the first quarter of next year for the first phase. It plans to put the new plant into official operation in the second quarter of 2024.
The facility's annual capacity will include 2.1 million smartwatches, 70,000 cable modems, 100,000 wireless wi-fi routers, 10,000 5G network frequency modules, 1.1 million Internet of Things (IoT) devices, 1.25 million tablets, and others.
This is the seventh project in Lien Ha Thai IP. The industrial park has so far attracted a total investment of more than $700 million.
In the first 11 months of this year, Thai Binh province attracted nearly 100 business projects with a combined registered capital of VND18 trillion ($762.55 million), including $187 million from FDI, according to provincial data.
Compal is a key manufacturer of the iPad and Apple Watch, Google’s Pixel phone, and Amazon's Echo smart device. Last year, Compal expanded its Vietnam production by adding more manufacturing capacity to its existing facility in Vinh Phuc province bordering Hanoi.