According to official media, Foxconn Singapore has been granted permission to spend $551 million in two projects aimed at producing smart entertainment goods and smart system equipment in Quang Ninh, a province in northern Vietnam.
The largest contract electronics manufacturer and assembler in the world, Foxconn (2354.TW), opens new tab, did not immediately react to a request for comment. The business already conducts significant business in Vietnam.
The Quang Ninh newspaper stated that Foxconn Singapore, a company of the Taiwanese conglomerate, has been granted a license for a $263.7 million project aimed at producing smart entertainment items with an annual capacity of 4.18 million units.
According to the report, the second project, which would cost $287.2 million and take up 12.4 hectares (30.64 acres) of land, will produce smart system equipment.
The investment certificate states that the two projects’ development would be finished in July 2026. They were scheduled to begin formal production in May 2027, following a period of machinery installation and trial operation.
Foxconn said last year that it will invest around $250 million in two new projects to produce telecom and electric car parts in Quang Ninh.
Since its initial entry into Vietnam in the 2000s, Foxconn has made over $3.2 billion in investments there. The northern provinces of Bac Ninh and Bac Giang are home to the majority of its production facilities.
According to official media in Vietnam, Foxconn was granted permission to spend $383 million in a printed circuit board manufacturing last month.
