Foxconn is investing $246 million in Vietnam’s northern province of Quang Ninh
Reports indicate that Hon Hai Technology Group (Foxconn) has been granted permission by Vietnam authorities to invest $246 million in assembling telecoms and electronic vehicle (EV) equipment in the country.
The company, according to Reuters, will build an EV chargers and components factory in the northern province of Quang Ninh beginning January 2025, providing 1,200 jobs. This factory will eat up about $200 million of the total funds, with the remainder earmarked for a plant — also in Quang Ninh — that will produce telecoms and electronics components beginning October 2024.
Foxconn last month pumped $100 million into another new factory in the Vietnam’s central province of Nghe An. With the latest investments, the total amount that it has funneled into the country over the last few decades is now around $3 billion.
These investments are in line with Foxconn’s desire to move assembly out of China due to ongoing tension between the country and the U.S. Earlier this month, Foxconn Chair Young Liu said that in addition to Vietnam, the company is also looking to invest in Mexico.
The company has previously said it plans to capture 5% of the global EV market by 2025 and as part of these efforts, struck a partnership with Dutch chipmaker NXP Semiconductors in 2022 to jointly develop new compute and connectivity platforms for software-defined electric vehicles, offering varying degrees of autonomy. Specifically, Foxconn will use NXP’s chip portfolio to produce electronic components for electrification, connectivity and automated driving in new vehicles.
