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Apple supplier Foxconn to invest in two projects in Vietnam to diversify supply chain
Foxconn, whose main subsidiary Hon Hai Precision Industry is responsible for assembling the bulk of the world’s iPhones, has been diversifying its production bases with new manufacturing sites in places like India and Vietnam.
The two new projects bring the total investment pledged by Foxconn in the province to about US$1 billion, according to the posting.
The Quang Ninh provincial government will form a working group to help Foxconn quicken the process with “supportive measures and creating the most favourable conditions” to complete construction by September 2025.
The government last year announced two other Foxconn plants that would make electronic components, supported with a total investment of US$246 million.