Foxconn to develop USD 270 million manufacturing plant in Vietnam
Category: #headlines  By Pranali Mehta  Date: 2021-01-25
  • share
  • Twitter
  • Facebook
  • LinkedIn
Foxconn to develop USD 270 million manufacturing plant in Vietnam

Taiwanese multinational electronics contract manufacturer Foxconn Technology Group has reportedly received a license from the Vietnamese Government to develop a USD 270 million manufacturing plant to produce tablets and laptops. The news comes amidst the rising tensions between China and the United States.

For those unversed, Hon Hai Precision Industry Co. Ltd., trading as Foxconn Technology Group, is a leading product manufacturer of American multinational technology giant Apple Inc. The company does most of Apple’s assembly of MacBooks and iPads in China, where it operates over 12 factories across nine cities.

The recent development comes after Apple had requested Foxconn to shift its operations to Vietnam. The U.S.-China trade wars have prompted several American companies to diversify production away from China.

It is also worth noting that Foxconn has been operating in Vietnam since 2007 and has invested around USD 1.5 billion in the country. The company also intends to invest an additional USD 700 million as well as hire around 10,000 local workers in Vietnam in 2021, sources claimed.

The new facility, which will be built by Foxconn’s unit Fukang Technology, will be situated in Bac Giang, a rural province just outside Hanoi. Moreover, this new manufacturing will be capable enough to produce eight million units per year.

Manufacturing has been witnessing steady growth in Vietnam since 2012 owing to its proximity to raw materials in China, supportive government initiatives, and low labor costs. Sources confirmed that Foxconn’s recent move will not only help in reducing labor costs but also buffer against any repeat of 2020’s disruptions when manufacturing plants in China had been closed to curb the spread of COVID-19.

Separately, Foxconn is also seeking approval to develop a USD 1.3 billion industrial park in Thanh Hoa, North Vietnam for more factories, cited sources with relevant information.

Source Credits –

https://www.forbes.com/sites/ralphjennings/2021/01/22/apple-supplier-foxconn-to-build-270-million-plant-in-vietnam-amid-us-china-tensions/?sh=d758c6755545

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

WhatsApp to soon allow iOS users to hide online status from everyone
WhatsApp to soon allow iOS users to hide online status from everyone
By Pranali Mehta

WhatsApp, the meta-owned messaging and video calling app, is reportedly working on a feature that will offer iOS users the ability to hide their online status from everyone. As per credible source, the feature is expected to come in its update as it ...

Petrofac collabs with Hitachi over offshore joint grid integration
Petrofac collabs with Hitachi over offshore joint grid integration
By Pranali Mehta

Petrofac, an international energy services company, and Hitachi Energy have recently collaborated to provide a joint grid integration and linked infrastructure for supporting the fast-growing offshore wind market. As per sources, this collaboratio...

Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
By Pranali Mehta

The research report on Street Lighting Control System market Added by Market Study Report proposes a comprehensive study on the recent industry trends. In addition, the report presents a detailed abstract of the growth statistics, revenue estimation,...