Vietnam-based Foxconn subsidiary exceeds $1 bln in Jan-May export

Fuyu Precision Component Co., Ltd., the biggest cash earner of Foxconn in Vietnam and a major supplier of Apple, recorded an export revenue of $1.15 billion from Jan-May, up 14% year-on-year.

The company, located in Quang Chau Industrial Park, the northern province of Bac Giang, paid VND3.6 billion ($141,450) to the state budget, official data shows.

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.

Another Apple supplier, Luxshare-ICT (Vietnam) under Chinese electronics producer Luxshare-ICT Precision, posted an export revenue of $857 million in the period, up $100 million or 13.2% year-on-year.

Luxshare – ICT, located in Van Trung Industrial Park of the same province, contributed VND27 billion ($1.06 million) to the state budget in the five months.

Bac Giang authorities attributed the strong performance to the businesses proactively diversifying their operations and seeking new customers.

While the province reaped export revenue of $10.1 billion in the five months, up $1.6 billion or 18.8% year-on-year, foreign-invested companies accounted for a major part, said Tran Quang Tan, head of the provincial Department of Industry and Trade.

Other companies with high export revenues include New Wing Interconnect Technology Bac Giang and Fukang Technology under Foxconn, South Korean chipmaker Hana Micron Vina, and other subsidiaries of Luxshare-ICT in the province.

In the five months, Bac Giang attracted 25 new FDI projects with registered capital of $200 million, and additional FDI capital of $475 million for 24 existing projects.

In January-May, Bac Giang’s index of industrial production (IIP) grew 24.64% year-on-year, above the country's average of 6.8%. Bac Giang, a new manufacturing hub in northern Vietnam, was among the best performers in the country.