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.

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