Foxconn to invest $700 million to expand production of Apple equipment in Vietnam

According to the newspaper Vietnam News, the company received an investment license for the construction of a factory to produce tablets and laptops in the province of Bac Giang.

Apple’s main contractor, Taiwan-based Foxconn, will invest $700 million to expand production in Vietnam. This was reported on Monday by the newspaper Vietnam News.

As the publication notes, at the end of last year, Foxconn announced its intention to transfer the assembly of some types of Apple equipment from China to Vietnam to minimize the impact on the production of tensions in Sino-American trade relations. In January of this year, the company received an investment license to build a tablet and laptop manufacturing plant in Bac Giang Province.

Foxconn started its operations in Vietnam in 2007 and has so far invested about $1.5 billion in creating five enterprises in the territory of the republic for the production of electronic equipment and its components. Foxconn’s factories, located in the northern part of the country, employ about 53 thousand people. In 2021, the company plans to create 10 thousand new jobs.

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
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