Taiwan’s Foxconn acquires Vietnam unit of China’s Goertek
Taiwan’s Foxconn Interconnect Technology (FIT) has acquired Goertek Electronics Vietnam under Chinese electronics giant Goertek, subject to approval of relevant regulatory authorities.
In a Friday statement, FIT said New Wing Interconnect Technology (Bac Giang) Co., Ltd., as its indirect wholly-owned subsidiary, and another body under FIT, entered a joint venture agreement for the move. The transaction is a strategy investment, FIT emphasized.
The entrance for New Wing Interconnect Technology (Bac Giang) factory in Bac Giang province, northern Vietnam. Photo courtesy of the firm.
New Wing Interconnect Technology (Bac Giang), based in Vietnam’s northern province of Bac Giang, will inject $50 million in cash into the joint venture, Goertek Electronics Vietnam. New Wing Interconnect Technology (Bac Giang) will hold a 25% stake in the joint venture. The other body under FIT will hold the remaining 75%.
Foxconn started investing in Bac Giang province in 2007. So far, the firm has invested $2.2 billion in 11 projects in the province, making it the largest FDI firm there in terms of capital. In 2024, the firm earned $11 billion from export revenue.
Meanwhile, Goertek’s major investments in Vietnam are located in the neighboring province of Bac Ninh.
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