Foxconn, the hardware manufacturer for Apple, has been granted approval to invest approximately $551 million in two new projects located in Quang Ninh province, a northern coastal city in Vietnam.
According to the provincial government’s website, the first factory will be situated in the Song Khoai Amata Industrial Park, with an investment of $264 million. It will produce smart entertainment products with a production capacity of around 4.2 million units per year.
As for the second project, Foxconn has received authorization to invest $287 million in a factory located in the Bac Tien Phong Industrial Park to manufacture smart-system equipment.
With the announcement from the Quang Ninh provincial government, these two new factories will bring Foxconn’s total investment in the province to approximately $1 billion. The government will establish a special working group to assist Foxconn in expediting the construction process to be completed by September 2025.
Previously, the Quang Ninh provincial government had approved the construction of two Foxconn factories last year to produce electronic components, with investments totaling $246 million.
Source: South China Morning Post
TLDR: Foxconn secures approval to invest $551 million in two new projects in Quang Ninh province, Vietnam, to manufacture smart entertainment products and smart-system equipment, increasing their total investment in the province to around $1 billion.
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