Foxconn invests 700 million USD in Vietnam

Update: 14:33 | 11/03/2021

(BGO) - Taiwan's electronics giant Foxconn said it would invest an additional 700 million USD in Vietnam and set a revenue target of 10 billion USD here this year.

Foxconn Technology Group, the world's largest contract electronics maker, has just announced that it will invest 700 million USD in Vietnam this year, hoping to earn 10 billion USD in revenue in this Southeast Asian country in 2021.

Foxconn, 700 million USD, Vietnam

Chairman of the Bac Giang provincial People's Committee Le Anh Duong grants the investment licence to the representative of the Hong Hai Technology Group (Foxconn) in Vietnam.

A Foxconn representative said on March 10 that by the end of 2020, Foxconn had invested 1.5 billion USD in Vietnam. According to its latest plan, the group will add about 10,000 jobs in the Vietnamese market this year.

Accordingly, one of the key projects of Foxconn is 270 million USD Fukang Technology Complex in Bac Giang province invested by Foxconn Singapore PTE Ltd.

The plant is expected to produce about 8 million computers a year, including iPad and MacBook, after Apple Inc asked its suppliers to move their production out of China.

Statistics show that Foxconn's total revenue in Vietnam reached 3 billion USD in 2019 and 6 billion USD in 2020. The figure is expected to hit 10 billion USD this year.

Foxconn's goal in the next 3-5 years is to increase its sales in Vietnam to 40 billion USD.

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Kim Long

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