Apple supplier Foxconn invests $300 million in northern Vietnam - TopForex.Trade

Apple supplier Foxconn invests $300 million in northern Vietnam

Apple is moving production to Vietnam as part of its supply chain diversification plan, and Taiwanese Apple supplier and major contract electronics manufacturer Foxconn has signed a $300 million expansion deal with Vietnamese developer Kinh Bac City.

Taiwanese supplier to Apple and major contract electronics manufacturer Foxconn has signed an agreement with Vietnamese developer Kinh Bac City to expand its northern facility to diversify and increase production. The amount of investment will be $300 million.

The new Foxconn facility will be located in Bac Giang province on a 50.5-hectare site and will create up to 30 000 jobs.

The company, which has been operating in Bac Giang Province for 15 years, reportedly moved part of its iPad and AirPods production to the Quang Chau Industrial Park in Bac Giang. What products will be produced at the new plant, as well as its production capacity, is still unknown.

Foxconn invested $1.5 billion in the Vietnamese economy last year, according to the Vietnamese government.


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Earlier last week it became known that the American tech giant Apple is in talks to start production of its Apple Watch and MacBook in Vietnam.

Apple suppliers Luxshare Precision Industry and Foxconn have already begun test production of the Apple Watch in northern Vietnam. Apple also asked them to launch a test production line for the MacBook in the country.

Apple’s mass production shift to Vietnam is slower than planned due to pandemic lockdowns, but also because laptop manufacturing requires a larger supply chain.

Apple is moving some of its iPhone production lines out of China to other markets, including India, which launched the iPhone 13 earlier this year and plans to assemble iPad tablets.


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