Foxconn expands in Vietnam with $551 million tech projects

Foxconn's Vietnam expansion: Foxconn Singapore has obtained approval to invest $551 million in Vietnam's northern province of Quang Ninh for two new projects focused on manufacturing smart entertainment products and smart-system equipment, according to Reuters citing state media.

High-tech manufacturing ventures

The investment, granted through its unit Foxconn Singapore, includes a $263.7 million project aimed at producing smart entertainment products with an annual capacity of 4.18 million units. 

Another project, valued at $287.2 million and spanning 12.4 hectares, will focus on manufacturing smart-system equipment.

Construction of these projects is slated for completion by July 2026, with official production set to commence in May 2027 following machinery installation and trial operations.

Primary production sites

Foxconn, recognised as the world's largest contract electronics manufacturer, has been expanding its footprint in Vietnam, having already invested over $3.2 billion since its initial entry into the country in the 2000s. Most of its manufacturing facilities are located in Bac Ninh and Bac Giang provinces in the north.

In addition to these developments, Foxconn recently secured approval for a $383 million investment to establish a factory producing printed circuit boards, further solidifying its commitment to Vietnam's burgeoning tech manufacturing sector.

(With Reuters Inputs)