Apple partner pays 62.5 million USD to hire Bac Giang’s land

(BGO) -  Foxconn Technology Group (Foxconn), the leading partner of Apple, paid 62.5 million USD to hire 45 hectare of land in Quang Chau industrial park of Bac Giang province with contract valid till February 2057.

The land leasing contract was inked between Foxconn’s branch of Fulian Precision Technology Component with Sai Gon – Bac Giang Industrial Park Joint Stock Company to meet the production expansion and operation demand.

Illustrative image.

In last August, Foxconn made a deal worth 300 million USD with a Vietnamese contractor to build new factory in Bac Giang to produce iPad and AirPods. However, the product to be manufactured at new facility have yet to be revealed.

The Foxconn’s move in Vietnam happened when the biggest Iphone manufacturing factory in Zhengzhou got problem were interrupted. The severe disease restriction measures caused dozens of thousands of workers leave the factory and go on strike by violence.

“Challenges caused by Covid-19 pandemic severely affected the supply of iPhone 14 Pro and iPhone 14 Pro Max till the end of December,” said Apple’s CEO Tim Cook.

The California-based tech giant surprised the market when it reported a dropped revenue in the fourth quarter of 2022 due to the disrupted supplies caused by Chinese's pandemic control measures. The company brought in just 117 billion USD, down 5% year-on-year in 2021, its first quarterly revenue decline since early 2019.

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Reporter