Foxconn plans to pour additional $300 million into a new ...

Foxconn plans to pour additional $300 million into a new factory in Vietnam ... Taiwan-based Hon Hai Precision Industry, better known as Foxconn, ... Advertisement Subscribenow Login Corporate CEOTalk BizLink GE VietnamValues Investing M&A OutboundInvestment 30yearsofFDI InvestinginHaiphong HOBBITInvestment YourConsultant KPMG PwC RSMVietnam ASLLAW ManpowerGroupVietnam IndochineCounsel D.lion GreenGrowth EnergyEfficiency RethinkingPlastics Property GreenBuildings IndustrialProperties Money Insurance SmartPaymentTrends StockMonitor Infographics Timeout Travel Hotels&Restaurants TheInsider Entertainment Lifestyle Sports FOTA DjinnGuild Photos Society SwingfortheKids CSR WorldNews ePaper VIR Timeout SpecialPublications Coverage TopNews Highlight SpecialEdition Search Advertisement Aboutus Contactus Videos Themes Tags Author Registration SubscriptionForm NotFound BaoDauTu TinNhanhChungKhoan Foxconnplanstopouradditional$300millionintoanewfactoryinVietnam August19,2022|10:08 (0)usersay Tweet Email Print Taiwan-basedHonHaiPrecisionIndustry,betterknownasFoxconn,planstolease50.5hectaresoflandinQuangChauIndustrialParkinthenorthernprovinceofBacGiangtodevelopanewprojectwithaninvestmentof$300million. Saigon-BacGiangIndustrialParkCorporation,asubsidiaryofKinhBacUrbanDevelopmentCorporation,hassignedanMoUwithFoxconntolease50.5hectaresoflandinQuangChauIndustrialParkinBacGiangprovince. Foxconnwantstodevelopanewprojectwithatotalinvestmentofmorethan$300million,whichwillcreate30,000jobsforthelocalworkers.InApril2021,Foxconnannouncedtoinvestanadditional$700milliontoexpanditsproductionscalewithaviewtogeneratingexportrevenueof$10billiondollarsperyear.FoxconniscurrentlythemostsignificantforeigncompanyinQuangChauIndustrialParkwithatotalleasedareaofalmost70ha.Thegrouphasatotalregisteredinvestmentcapitalof$773million.Foxconnearnedarevenueof$3billionand$6billionrespectivelyin2019and2020.AccordingtoNikkeiAsia,ApplesuppliersFoxconnandLuxsharePrecisionIndustryhavestartedtestproductionoftheAppleWatchinnorthernVietnamtoproducethedeviceoutsideofChinaforthefirsttime.ItissaidthatAppleisconsideringmakingitsMacBookandAppleWatchinVietnamtoeasethecompany'sdependenceonChinaamidrisinginternationaltensions.VietnamplaysanincreasinglyimportantroleforAppleasthecountryalreadyproducesiPadsandAirPods.MakingAppleWatchdevicesismoredifficultandrequiresmoreadvancedtechnologicalknowledge.IfVietnamcansupplytherequiredtalents,itwouldbeabigwinforboth.NikkeiAsiaquotedasourceassaying,"AirPods,AppleWatch,HomePodandmore...ApplehasbigplansinVietnam,apartfromiPhonemanufacturing.ThecomponentsforMacBookshavebecomemoremodularisedthaninthepast,whichmakesiteasiertoproducelaptopsoutsideofChina.Buthowtomakeitcost-competitiveisanotherchallenge.”Accordingtoexperts,manyfactoriesforhigh-techproductsaremovingfromChinatoVietnam,drivenbyasurgeinChinesewagesoverthelast10yearsandbytheUS-Chinatradewar.COVID-19hasalsoacceleratedthephenomenonbecauseitshowsmanyfirmsthattheyareoverdependentonChinaasaproductionbase.Indeed,ApplehasshiftedequipmentproductionlinesfromChinatoneighbouringcountries,especiallyVietnamsincetheCOVID-19outbreak.ApplehasincreasinglyusedmoresuppliersfromVietnam.The2021Appleannualsupplierlistrevealedthatthetechcompanyhad21suppliersinVietnamin2020,higherthanthe14in2018.AsofMay,Applehas31suppliersinthecountrywith160,000workers. Vietnam:idealdestinationforglobaltechgiants VietnamisagaininthespotlightafterApple’smovetoshiftproductionactivitiestothisSoutheastAsiancountry,accordingtoTRTWorldpageofTurkishRadioandTelevisionCorporation. ApplesupplierseyefurtherexpansioninVietnam MoreApplesuppliersarekeenonexpandingtheirmanufacturingoperationinVietnamaspartoftheirrelocationplantomitigatesupplychainheadwinds. GlobalmanufacturersgraduallyfocusonVietnam ManymanufacturersintheglobalsupplychainofmajorfirmsaregraduallyfocusingonVietnam. ByThanhVan Whatthestarsmean: ★Poor★★Promising★★★Good★★★★Verygood★★★★★Exceptional Tag: Apple foxconn airpods AppleWatch HomePod MacBook RelatedContents Appleleadingchargeinnewmanufacturing Vietnam’sAppleshipmentsmorethandoubledinQ2/2022 VietnamtomakeAppleWatch,MacBookforfirsttime GlobalmanufacturersgraduallyfocusonVietnam LatestNews ⁄ Investing JapantoincreasefinancialassistanceforVietnam'senergytransition StandardCharteredexpectsVietnam’srecoverytostaystronginAugust USchipgiantSynopsyssupportsVietnamintrainingnewengineers Hanoitodevelopsupportingindustries LongAnleadingdeltaregionwithseamlessinfrastructure DeputyPMasksHanoitoacceleratepublicinvestmentdisbursement MoreNews Vietnamesestartupsrallysupporttogoglobal (August27,2022|15:17) Newplanesandroutesasaviationpicksup (August27,2022|14:28) Dynamicregionsatheartofplanning (August27,2022|14:07) ConnectingventuresandinnovativebusinessesinBinhDinhprovince (August27,2022|10:00) OptionsaboundforfundingoftransportinMekongDelta (August27,2022|10:00) Vietnameseairlinesmakeworld-beatingrecovery (August27,2022|08:00) Risingstatebudgetrevenuespointtobusinessconfidence (August27,2022|08:00) Domesticretailsectorpresentingbrightpicture (August26,2022|17:38) BoeingeyessupplychainexpansioninVietnam (August26,2022|12:39) Appleleadingchargeinnewmanufacturing (August26,2022|10:00) [ReadMore] LatestNews ACCAandVACPArenewcooperation JapantoincreasefinancialassistanceforVietnam'senergytransition SaoDoGroupjoinshandsforthepoor VivaLandjoinsSmartlandandTheOneLandonVivianLeJardinproject MobileVersion