HomeInvestmentsApple Supplier to Invest in Northern Vietnam

Apple Supplier to Invest in Northern Vietnam

Foxconn, a supplier and producer for Apple Inc, has announced its intention to invest over $300 million in the diversification and expansion of its production capabilities in northern Vietnam.

The Taiwanese company signed a memorandum of understanding with Vietnamese developer Kinh Bac City to expand its facility located in the north of the country, state media announced on Saturday.

The decision to expand its northern Vietnam production facilities came after Foxconn, previously known as Hon Hai Precision Industry Co, began test production of the Apple Watch in northern Vietnam. The company recently moved part of its iPad and AirPods production to Bac Giang’s Quang Chau Industrial Park, however, it has not been stated which components specifically will be processed there. The company has been active in the Bac Giang province for the last 15 years.

According to figures from the Vietnamese government, Foxconn poured $1.5 billion into the Southeast Asian country’s economy last year. The new factory, which will be built on a plot of 50.5 hectares (125 acres) in Bac Giang, is expected to generate over 30,000 local jobs.

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...