Foxconn to invest $700 million in Vietnam

March 11, 2021 | 16:10

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Taiwanese electronics giant Foxconn said it would invest an additional $700 million in Vietnam and set a revenue target of $10 billion for this year.

foxconn to invest 700 million in vietnam

Foxconn's investment of $700 million is expected to create 10,000 jobs for Vietnamese people

A representative of Foxconn said that by the end of 2020, the group has invested $1.5 billion in Vietnam.

One of the company's key projects is the $270 million factory of Fukang Technology in Bac Giang province, in which Foxconn Singapore Pte., Ltd. is the investor.

Fukang Technology is a subsidiary of Foxconn (also known as Hon Hai Precision Industry Company). It has been licensed to invest in building factories to manufacture 8 million MacBook and iPad products a year.

Foxconn's total revenue in Vietnam amounted to $3 billion in 2019, $6 billion in 2020, and could reach $10 billion this year. Foxconn's goal in the next 3-5 years is to increase sales in Vietnam to $40 billion.

According to the latest plan, the company will add 10,000 positions in Vietnam this year. In early 2021, Foxconn posted recruitment notices for the positions of electronic component assemblers and engineers for its factories in Bac Ninh, Bac Giang.

In 2020, the total foreign investment capital registered in Vietnam was $1.5 billion, creating jobs for more than 53,000 officers and staff. In particular, $900 million was invested in Bac Giang province, creating jobs for more than 35,000 workers. Foxconn also plans to invest $1.3 billion in Thanh Hoa province, opening positions for 100-150,000 workers.

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