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Foxconn, the world’s largest contract electronics maker and assembler, has been approved by Vietnam to invest $246 million in two new projects in the northern province of Quang Ninh. The projects, led by Foxconn Singapore, will increase the company’s total investments in Vietnam to approximately $3 billion and will focus on manufacturing and assembling telecom and electric vehicle (EV) parts. The provincial government stated that one of the projects involves the establishment of a $200 million factory dedicated to producing EV chargers and components, expected to commence operations in January 2025 with a workforce of 1,200 employees. The remaining $46 million will be allocated to a plant that will manufacture electronics and telecommunication components, with production slated to begin in October 2024. Both facilities will be located in the Song Khoai Industrial Park, approximately 138 km (85.75 miles) east of Hanoi. Foxconn, having been present in Vietnam for nearly two decades, is also planning to set up a new factory in the central province of Nghe An, with an initial investment of $100 million, as announced by the provincial local authority last month.
