Foxconn plans to invest up to $551mn more in Vietnam as it continue to moves away from China

Foxconn Singapore now has a license to invest $551 million in two significant projects aimed at producing smart entertainment products and smart-system equipment in Vietnam’s northern province of Quang Ninh.

This development, reported by state media, highlights Foxconn’s expanding footprint in the Southeast Asian country.

Foxconn Singapore has been granted a license to invest $551 million in two significant projects aimed at producing smart entertainment products and smart-system equipment in Vietnam’s northern province of Quang Ninh. This development, reported by state media, highlights Foxconn’s expanding footprint in the Southeast Asian country.

Foxconn, the world’s largest contract electronics manufacturer and assembler, already has a strong presence in Vietnam, with extensive operations across the country.

The first of the new projects, valued at $263.7 million, will focus on producing smart entertainment products, with an impressive annual capacity of 4.18 million units. The Quang Ninh newspaper provided these details, underscoring the scale and ambition of the project.

More from Tech

How ChatGPT is becoming everyone’s BFF and why that’s dangerous America ready for self-driving cars, but it has a legal problem

The second project, involving an investment of $287.2 million, will be spread over 12.4 hectares (approximately 30.64 acres). This project is dedicated to manufacturing smart-system equipment, further diversifying Foxconn’s production capabilities in Vietnam.

According to the investment certificate, construction for both projects is scheduled for completion by July 2026. Following this, there will be a period for machinery installation and trial operations, with official production set to begin in May 2027.

This is not Foxconn’s first major investment in Quang Ninh. Last year, the company announced plans to invest around $250 million in two new projects in the province, aimed at producing electric vehicle and telecom parts. These initiatives are part of Foxconn’s broader strategy to expand its production capabilities in Vietnam.

Impact Shorts

More Shorts

America ready for self-driving cars, but it has a legal problem

Alibaba, Baidu begin using own AI chips as China shifts away from US tech amid Nvidia row

Since first entering the Vietnamese market in the 2000s, Foxconn has invested over $3.2 billion in the country. The majority of its manufacturing plants are located in the northern provinces of Bac Ninh and Bac Giang, which have become key hubs for the company’s operations.

In addition to the recent projects in Quang Ninh, Foxconn has been active in other areas of Vietnam. Last month, Vietnamese state media reported that the company received a license to invest $383 million in a factory dedicated to producing printed circuit boards. This investment further cements Foxconn’s commitment to expanding its manufacturing base in Vietnam.

Foxconn’s continued investment in Vietnam reflects the country’s growing importance as a manufacturing hub for global electronics firms. With a favourable investment climate, skilled labour force, and strategic location, Vietnam offers significant advantages for companies looking to diversify their production bases.

As Foxconn Singapore moves forward with these ambitious projects, Vietnam’s role in the global electronics supply chain is likely to strengthen further. These investments not only boost the local economy but also enhance Vietnam’s reputation as a key player in the high-tech manufacturing sector.