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Foxconn Invests $551 Million to Two New Projects in North Vietnam

Foxconn Invests $551 Million to Two New Projects in North Vietnam

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According to state media, Foxconn Singapore has been granted permission to invest $551 million in two projects aimed at producing smart entertainment items and smart system components in Quang Ninh, a region in northern Vietnam.

The New Ventures of Foxconn

Foxconn Invests $551 Million to Two New Projects in North Vietnam

Image Source: moneycontrol.com

The most prominent contract electronics manufacturer and assembler in the world, Foxconn, is still growing throughout the world. The Taiwanese behemoth has obtained a permit for a $263.7 million project to produce smart entertainment items with a yearly production rate of 4.18 million units through its unit Foxconn Singapore. Furthermore, a $287.2 million investment will support the 12.4-hectare site’s development of smart-system technology. The official start of production for both projects is scheduled for May 2027, with development expected to conclude by July 2026.

Vietnam Strategic Investments

Foxconn’s substantial investments throughout the years demonstrate the company’s dedication to Vietnam. The corporation has made more than $3.2 billion in investments since joining the nation in Southeast Asia in the 2000s. The northern regions of Bac Ninh and Bac Giang are home to the majority of its production facilities. Foxconn furthered its industrial diversification last year when it disclosed that it would invest $250 million in Quang Ninh to produce telecom and electric car parts.

Increasing Production Capabilities

In addition to the publicly disclosed projects, Foxconn has been given permission to invest $383 million in a factory that makes printed circuit boards.. This action is in line with Foxconn’s plan to diversify its sources of supply outside of China by making large investments in Vietnam as well as India.

Also Read: Danish Startup Kvantify Raises €10M to Integrate Quantum Computing with Life Sciences

In summary

Foxconn is attempting to diversify its production capacity and lessen its reliance on any one nation, as evidenced by its significant investments in Vietnam. An important step in Foxconn’s growth has been reached with the $551 million investment in smart entertainment items and smart system equipment in Quang Ninh. The company puts itself in a position to fulfill the rising demand for sophisticated electronics and intelligent systems throughout the world as it keeps looking for new prospects and improving its production capabilities.

 
Vietnam

Apple to open the first online shop in Vietnam

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In response to slow-moving iPhone sales in China, Apple announced on Friday that it would launch its first online shop in Vietnam the following week.

Only a few weeks have passed since the first Apple stores in India, in Mumbai and Delhi, were launched by the Cupertino, California-based business.

Vietnam
Image Source: siliconangle.com

Tim Cook, the CEO of Apple, is placing his bet on developing regions, where there are fewer iPhones and a younger age group, which will present more growth potential.

Also Read: UK restricts Microsoft, Activision from buying interest in each other

Apple did not specify when it will be opening actual retail outlets in Vietnam, which comprises a “100 million-person” population.

“We’re proud to be expanding in Vietnam,” said Deirdre O’Brien, Apple’s senior vice president of retail.

Source: finance.yahoo.com

Retail stores frequently open before they go online. Licensed retailers currently sell Apple gadgets in Vietnam, and the company has several suppliers who assemble its devices there for exportation.

During India’s holiday shopping season in 2020, Apple opened its first online shop there.

“We’re proud to be expanding in India and want to do all we can to support our customers and their communities,” said Deirdre O’Brien, Apple’s senior vice president of Retail + People. “We know our users are relying on technology to stay connected, engage in learning, and tap into their creativity, and by bringing the Apple Store online to India, we are offering our customers the very best of Apple at this important time.”

Source: apple.com

Discounts according to a federal plan to increase domestic mobile manufacturing in India were granted in October for 16 companies, including prominent Apple suppliers.

After staging a protest over unpaid salaries in December of that same year, contract employees at Apple partner Wistron’s Bengaluru facility trashed the building. Apple placed the plant on probation before allowing it to resume manufacturing two months later.

In December 2021, after over 250 female employees who live in one of the business dorms received medical treatment for food poisoning, riots broke out at the Foxconn facility in Tamil Nadu.

The facility was shut down for more than three weeks when Apple discovered that the facilities did not satisfy the necessary standards.

The same year, the competition regulators in India request a probe into Apple’s in-app pricing scheme because it initially believed the iPhone manufacturer had broken several antitrust regulations.

Pegatron, a supplier of Apple, opened its first iPhone assembly facility in the Tamil Nadu province in September 2022.

Foxlink, an Apple vendor that makes iPhone chargers, temporarily ceased operations at its manufacturing factory in the southern Indian state of Andhra Pradesh for several weeks in February 2023 after a significant fire caused a portion of the structure to collapse.