Both factories will be built by Foxconn Singapore and will be located in the Song Khoai Industrial Park, 138 km from Hanoi. This will bring the Taiwanese company’s total investment in Vietnam to $3 billion and focus on manufacturing and assembling components for electric vehicles (EVs) and telecommunications equipment.
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| Foxconn invests more than 246 million USD in 2 new projects in Vietnam. |
Specifically, 200 million USD will be invested in a factory producing EV chargers and components, expected to start operating from January 2025 with about 1,200 workers.
Meanwhile, the remaining 46 million USD will be invested in the factory producing electronic and telecommunications components, expected to be put into operation in October 2024.
The world's largest contract electronics manufacturer and assembler is shifting its supply chain from China to other countries like India and Vietnam.
According to a report by Counterpoint , 85% of iPhones were assembled in China last year, while the number of devices “made in India” accounted for only 5%, but also increased to 65% compared to before. DigiTimes predicts that India could account for 50% of iPhone assembly output by 2027.
In Vietnam, Foxconn signed a contract to lease a 45-hectare plot of land from Saigon-Bac Giang Industrial Park Joint Stock Company for $62.5 million. The land lease is to meet “operational needs as well as capacity expansion.” In August 2022, Foxconn signed a $300 million investment agreement to build a new factory in Bac Giang, where the company currently manufactures iPads and AirPods.
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