Apple supplier Luxshare-ICT injects $330 million into Bac Giang

November 10, 2023 | 12:42

(0) user say

Through its Vietnamese subsidiary, the Apple supplier Luxshare-ICT is pouring an additional $330 million into its electronic component manufacturing project in the northern province of Bac Giang.

Apple supplier Luxshare-ICT injects $330 million into Bac Giang

On November 8, Bac Giang Industrial Zones Management Authority announced that it had just granted the 10^th adjusted investment registration certificate for the project to establish Luxshare-ICT Vietnam Co., Ltd. and expand production in Bac Giang.

Accordingly, Luxshare-ICT Vietnam will invest $330 million in the manufacturing facility that covers an area of 291,000 square metres in the Quang Chau Industrial Zone.

The project specialises in producing electronic components, including cables, touch pens, lighting devices, digital locks, intercoms, and other items.

After adjustment, the total registered investment capital from Luxshare-ICT Vietnam Co., Ltd. in Bac Giang tops $504 million. Once completed, the project will create jobs for tens of thousands of workers and contribute to promoting industrial production in Bac Giang.

Luxshare has been investing in Bac Giang since 2019. This additional capital boost makes it the second-biggest made by foreign investors in Bac Giang, trailing behind the $378 million investment by Chinese manufacturer JA Solar.

The investment reflects the trend of Apple suppliers securing a strong footprint in Vietnam. As reported by CNN, Apple joins a growing list of global businesses that have become bullish on Southeast Asia, pouring more investment into manufacturing.

Data compiled by Bloomberg on more than 370 suppliers and their factory locations reveals which of Apple’s manufacturing partners are building new capacity and where. Vietnam and India are the biggest winners, with smaller production hot spots also appearing elsewhere in Asia.

According to Apple’s supplier list for 2022, there are currently 26 suppliers with 28 factories in Vietnam servicing the tech giant’s electronics manufacturing needs. These factories are spread around 15 provinces, with the majority located in the north.