Vietnam units of Foxconn earn $319 mln post-tax profit in 2022

Hon Hai Precision Industry Co., Ltd., also known as Foxconn, recorded a post-tax profit of $318.9 million from affiliated companies in Vietnam in 2022, according to the Taiwanese electronics giant's annual report.

New Wing Interconnect Technology (Bac Giang) Co. Ltd, which was established in the northern province of Bac Giang in January 2015, accounted for the biggest portion of $107.34 million. Another major business is Fuyu, established in the same province in December 2019, with $100.72 million.

Regarding operating income, 16 units of Foxconn in Vietnam recorded a total of $7.95 billion. Fuyu accounted for the biggest portion of $2.48 billion; followed by Fuhong Precision Component (Bac Giang) with $1.9 billion, and Funing Precision Component with $1.52 billion.

Foxconn has joined the trend of Apple suppliers expanding in Vietnam, an emerging manufacturing hub for the global electronics industry, with a new investment of $100 million in Nghe An province.

The Taiwan-based giant is set to commence construction of the 48-hectare project in June 2023-June 2024. Between July 2024 and October 2024, it will conduct trial runs, then enter official operation in November 2024, according to the investment certificate.

The factory’s annual capacity will include 400 million connecting cables, 94 million wireless chargers, 10 million wireless earphones, 244 million loudspeakers, and 627 million connectors.

In January, Bac Giang province handed out an investment certificate to Foxconn subsidiary Ingrasys (Singapore) Pte. Ltd. to establish a new plant in Quang Chau Industrial Park. The production site covers around 50 hectares in the IP, and the $62.5 million land leasing deal will run until February 2057.