Today: 24/01/2021 05:58:08 (GMT+7)

Foxconn to pour $270 mln into Vietnam expansion

Taiwanese electronics manufacturer Foxconn plans to expand production in Vietnam with a $270 million investment focused on display production.

Foxconn, which already has plants in northern Vietnam, will soon establish a new local company in the country that will likely produce PC-related parts like displays, according to Nikkei.

Foxconn, Vietnam expansion, Taiwanese electronics manufacturer,  display production, omestic production capacity

A motorcyclist rides past the logo of Foxconn, the trading name of Hon Hai Precision Industry, in Taipei, Taiwan March 30, 2018.

The Taiwan-based company, which began the production of liquid crystal displays in Vietnam last week, aims to take advantage of the new Regional Comprehensive Economic Partnership (RCEP) agreement and hopes to boost its domestic production capacity, it added.

Foxconn produces TVs, telecom equipment, and computer-related products in Vietnam. Its chairman Young Liu in June said Vietnam was the company’s largest manufacturing hub in Southeast Asia.

Other Taiwanese electronics manufacturers Pegatron and Wistron, rivals to Foxconn, have also expanded to Vietnam.

Foxconn began investing in Vietnam during 2007 with plants in the northern provinces of Bac Ninh, Bac Giang and Vinh Phuc. Last year, the company poured more money into its Bac Giang facility and expanded into Quang Ninh, another northern province.

The company expects to export $6 billion worth of products from Vietnam this year, double that of last year. It eyes to create 50,000 jobs with an average salary of VND10-12 million ($433-519) a month.

Computers, electronics and parts were the second largest export category of Vietnam in the first 10 months this year at $36.44 billion, behind smartphones and parts, according to Vietnam Customs.

The biggest export markets for this category were China, the U.S., and the E.U.

CapitaLand Group seeks investment opportunity in Bac Giang
(BGO) - On October 30, representative of CapitaLand Group led by General Manager of CapitaLand Vietnam Ronald Tay visited to seek investment opportunity in Bac Giang province. The delegation was welcomed by Duong Van Thai, Secretary of the provincial Party Committee (PPC), Chairman of the provincial People’s Committee and leaders of relevant departments and sectors.
UK’s former PM ready to help Vietnam attract high-quality investment
Deputy Prime Minister and Foreign Minister Pham Binh Minh held phone talks on October 27 with the UK’s former Prime Minister Tony Blair, who is now Executive Chairman of the Tony Blair Institute for Global Change.
Bac Giang licenses 106 new investment projects
(BGO) - According to the Department of Planning and Investment, Bac Giang province licensed and adjusted 14 investment projects including 5 new projects (4 domestic and 1 foreign investment) in October. Total newly registered and added capital hit 72.4 million USD.

Source: VnExpress

Foxconn, Vietnam expansion, Taiwanese electronics manufacturer, display production, omestic production capacity
New comment has just been added. Click here
Sort:NewBest News