Apple Supplier Foxconn to Invest $300 Million in Factory in Northern Vietnam

Foxconn, a major company in Apple’s production supply chain, has just decided to invest $300 million in a new factory building in the northern Vietnamese province of Bac Giang.

Foxconn has recently signed a contract with Saigon-Bei Giang Industrial Park Joint Stock Company to lease a 50.5-hectare plot of land in Quang Chau Industrial Park in Bac Giang Province to construct a new factory.

The technology group expects to employ approximately 30,000 workers once the $300 million facility is operational.

The contract was signed after several foreign newspapers reported Apple’s plans to move its Macbook and Apple Watch product factories to Vietnam.

At the signing ceremony, Le Anh Duong, Chairman of the People’s Committee of Bac Giang City, said that Foxconn had become a great partner of Vietnam province after 15 years.

Le Anh Duong continued that Bac Giang City is doing its best to improve local infrastructure and provide the best incentives for investors.

Over the years, several member companies of Foxconn, such as Fuhong, Fuyu, and Fu Kang, have invested in several projects in Guang Zhou Industrial Park.

Foxconn is currently the foreign-invested enterprise with the largest investment in Guang Zhou Industrial Park, with a total investment of about USD 773 million.

In 2021, Foxconn said it would invest about $700 million more in Vietnam to expand production, which is expected to bring in about $10 billion in revenue over the next few years.