Foxconn to invest $300 million more in northern Vietnam

• Taiwan’s Foxconn inked a $300 million MOU with Vietnamese developer Kinh Bac City to expand its site in the country’s north.
• 30,000 local jobs will be created by the new facility, which will be located on a 50.5-hectare tract of land.
• A larger-screen Apple iPad and iPad Pro with an M2 chip may debut in October.

In order to diversify and increase production, Apple supplier Foxconn has inked a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City to expand its site in the country’s north, state media said on Saturday.

According to the Tuoi Tre newspaper, 30,000 local employment will be created by the Taiwanese company’s new facility, which will be located on a 50.5 hectare (125 acres) tract of land in Bac Giang province.

Requests for a response from Foxconn, formerly known as Hon Hai Precision Industry, and Kinh Bac City were not immediately fulfilled.

According to Tuoi Tre, Foxconn, which has been operating in Bac Giang for 15 years, has shifted some of the production of its iPad and AirPods there. It did not specify the capacity of the new factory or the products that would be manufactured there.

According to the Vietnamese government, Foxconn invested $1.5 billion in the Southeast Asian nation last year.

According to a recent report, Apple’s suppliers are in discussions to make the Apple Watch and MacBook in Vietnam for the first time, according to a report from Nikkei Asia on Tuesday, which cited people with knowledge of the situation.

According to the source, Apple’s Chinese suppliers Luxshare Precision Industry and iPhone assembler Foxconn have begun producing Apple Watch and MacBook prototypes in Northern Vietnam.

A portion of Apple’s iPhone production has been moved from China to other regions, including India, where it began producing the iPhone 13 this year and where it also has plans to assemble iPad tablets.

A larger-screen Apple iPad and iPad Pro with an M2 chip may debut in October.

India, the second-largest smartphone market in the world, as well as nations like Mexico and Vietnam are becoming more crucial to contract manufacturers providing American brands as they aim to diversify away from China in terms of production.

Also Read

Apple supplier Foxconn unveils electric vehicles

TAIPEI: Taiwanese tech giant Foxconn unveiled three electric vehicles on Monday, boosting...