HIGHLIGHT
- Foxconn invested heavily in Vietnam for new EV battery facilities, as it wants to reduce the reliance on iPhone assembly.
- The business not only executes the project in Vietnam but also in other places in the world.
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“Million-dollar” project
According to Nikkei Asia, Foxconn will pour 250 million USD into Northern Vietnam for 2 new plants. One of those 2 will be producing EV batteries.
In particular, a 200 million-dollar factory is reportedly built to produce charging equipment, as well as electronic components. This facility is likely to have 1200 employees and is supposed to start to work in January 2025. Not only that, another 46 million-dollar plant will be erected for producing details of telecommunication devices and types of dies. When it comes to the latter, the construction can be finished in around October 2024 and there will be 700 people working.
Those aforementioned facilities will be built at an industrial park located in Quang Ninh, which is 130 km away from Hanoi. Chau Nghia Van, an executive of Foxconn’s operation in Vietnam, in the granting investment registration certificate, stated: “After 16 years of investment and development in Vietnam, we chose Quang Ninh as the destination for this project.”
Besides that, Foxconn is intending to construct another plant in Nghe An, a province in central Vietnam, according to a local media outlet.
Trying to cut dependency
Nikkei Asia reports this is Foxconn’s strategy to reduce the reliance on iPhone production. Facilities in Vietnam are not the sole international project of Foxconn in 2023. In March of this year, the company announced to start EV battery production in Ohio and Wisconsin, America, reported by Nikkei Asia.
Hoang Ngan
