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.
A factory of Foxconn in Bac Giang province, northern Vietnam. Photo courtesy of the firm.
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.
Financial indices of Foxconn subsidiaries in Vietnam. Unit: U.S. dollar
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.
- Related News
- Read More
Singapore's YCH Group eyes developing logistics center in southern Vietnam economic zone
Tay Ninh province has pledged full support to Singapore’s YCH Group in developing a logistics center within its Moc Bai Border Gate Economic Zone.
Industries - Sat, July 12, 2025 | 1:48 pm GMT+7
Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'
Prime Minister Pham Minh Chinh has called on U.S. businesses to continue supporting the Vietnamese government in dialogues with U.S. agencies to soon reach "a reasonable, detailed tariff agreement for individual products and product groups".
Economy - Sat, July 12, 2025 | 11:32 am GMT+7
Mergers of Vietnamese provinces unlock new property development opportunities
The merging of Vietnamese localities is expected to create a strong "boost" for the real estate market as expanded planning space, synchronized infrastructure, and new land reserves are key factors driving the market's transformation.
Real Estate - Sat, July 12, 2025 | 11:00 am GMT+7
Measures proposed for Thailand to minimize US tariff impacts
Financial and banking experts in Thailand have warned that the U.S.'s proposed 36% tariff on Thai goods is likely to severely undermine Thailand's export competitiveness.
Southeast Asia - Sat, July 12, 2025 | 9:06 am GMT+7
Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam
Pacific Construction Group (PCG), one of China’s leading construction firms, has expressed interest in developing a VND10 trillion ($383 million) underwater road tunnel in Quang Ninh, a coastal province in northern Vietnam.
Infrastructure - Sat, July 12, 2025 | 8:04 am GMT+7
Vingroup stocks pull VN-Index up for sixth consecutive session
VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.
Finance - Fri, July 11, 2025 | 7:20 pm GMT+7
Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province
Coca-Cola Beverages Vietnam on Friday inaugurated a $136 million factory in Tay Ninh province, the largest-scale among its four facilities in Vietnam.
Industries - Fri, July 11, 2025 | 5:27 pm GMT+7
Vietnam halts use of German ODA loans for HCMC metro line
The Government has approved a proposal by Ho Chi Minh City to stop borrowing official development assistance (ODA) loans from Germany’s KfW development bank for Metro Line No. 2 and instead use domestic funds to avoid further delays.
Economy - Fri, July 11, 2025 | 3:25 pm GMT+7
Seventeen housing projects foreigners allowed to buy in HCMC
Ho Chi Minh City has announced a list of 17 residential projects located in areas where foreign organizations and individuals are allowed to own houses.
Real Estate - Fri, July 11, 2025 | 3:17 pm GMT+7
Auto enterprises to enjoy preferential import tariff policies
The Government has issued a decree amending and supplementing Decree No. 26/2023/ND-CP on the export and preferential import tariff schedules, as well as the lists of goods subject to absolute tax, mixed tax, and out-of-quota import duties.
Companies - Fri, July 11, 2025 | 2:13 pm GMT+7
Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024
Samsung’s revenue and export in Vietnam accounted for approximately 13.12% of the country’s GDP and 13.4% of its total export turnover in 2024, respectively, according to the National Statistics Office.
Companies - Fri, July 11, 2025 | 2:09 pm GMT+7
JPMorgan upgrades Vietnam stocks to overweight following US tariff deal
JPMorgan Chase has upgraded Vietnam stocks to overweight after the country became the first Southeast Asian nation to reach a preliminary tariff deal with the U.S.
Economy - Fri, July 11, 2025 | 11:38 am GMT+7
Vietnam government bond issuance surges nearly 70% in June
The Hanoi Stock Exchange (HNX) held 16 government bond auctions in June, raising nearly VND30.5 trillion ($1.2 billion), up 68.8% from May.
Finance - Fri, July 11, 2025 | 9:30 am GMT+7
Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam
The Ministry of Construction has asked Ninh Binh authorities to prepare a feasibility study on the potential development of an international airport in the province, the ministry said in a report submitted to the Government regarding a proposal from private construction company Xuan Truong.
Companies - Fri, July 11, 2025 | 9:18 am GMT+7
Vietnam-US tariff agreement: A strategic turning point toward deeper integration
The tariff agreement between Vietnam and the U.S. marks not only a trade or diplomatic breakthrough but also reflects a long-term strategic vision, bold foreign policy, and Vietnam’s commitment to deep global integration, writes Nguyen Tuan Viet, an export promotion expert and CEO of Vietgo.
Opinion - Fri, July 11, 2025 | 9:00 am GMT+7
Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province
China’s Luxshare-ICT, a key supplier to Apple, reported that its subsidiaries in Vietnam’s central province of Nghe An enjoyed a 0% corporate income tax last year.
Companies - Fri, July 11, 2025 | 8:00 am GMT+7
