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Apple supplier Foxconn reportedly invests another $300 million in North Vietnam

Apple supplier Foxconn has signed a $300 million (roughly Rs. 2,400 crore) memorandum of understanding with Vietnamese developer Kinh Bac City to expand its facility in the country’s north to diversify and increase production, state media reported on Saturday. The Taiwanese company’s new plant, located on a 50.5-hectare (125-acre) site in Bac Giang Province, will create 30,000 local jobs, according to the Tuoi Tre newspaper. Foxconn, officially known as Hon Hai Precision Industry, and Kinh Bac City did not immediately respond to requests for comment.

Foxconn, which has been operating in Bak Giang for 15 years, has moved part of its iPad and AirPods production to Kuang Chau Industrial Park in Bak Giang, Tuoi Tre reports. What type of products will be produced at the new plant and its capacity is not reported.

The Vietnamese government said Foxconn invested $1.5 billion (roughly Rs. 12,000 crore) in the Southeast Asian country last year.

A recent report said Apple’s suppliers were in talks for the first time to manufacture Apple Watches and MacBooks in Vietnam, Nikkei Asia said Tuesday, citing people familiar with the matter.

Chinese Apple suppliers Luxshare Precision Industry and iPhone assembler Foxconn have begun test production of Apple Watches and MacBooks in North Vietnam, the report said.

Apple is shifting some iPhone production from China to other markets, including India, where it started production of the iPhone 13 this year, and plans to assemble iPads.

Apple iPad with a large screen and iPad Pro with M2 chip may appear in October. India, the world’s second largest smartphone market, along with countries such as Mexico and Vietnam, are becoming increasingly important to contract manufacturers supplying US brands as they try to diversify production. away from China.

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