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.

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.