Foxconn, the world’s largest contract electronics assembler, is making significant investments in Vietnam’s burgeoning electric vehicle (EV) industry. The company is set to invest approximately $250 million in two new projects, solidifying its plans to diversify beyond its traditional focus on Apple and other major brands.
Through its unit Foxconn Singapore, the Taiwanese giant will establish an industrial park in northern Vietnam with a primary focus on the production of EV components, controllers, and other related products. This investment reflects Foxconn’s commitment to meeting future industry needs and will augment its existing investments in the southeast Asian manufacturing hub, which have totaled approximately $3 billion over nearly two decades.
Local authorities have already approved Foxconn’s new investment. The majority of the funding, roughly $200 million, will be allocated to a factory dedicated to the production of EV chargers and components. This facility, expected to commence operations in January 2025, will employ 1,200 workers. The remaining $46 million will be used to establish a plant that manufactures electronics and telecommunication components, with production slated to begin in October 2024.
Both facilities will be situated in the Song Khoai Industrial Park, located 138 km (86 miles) east of Hanoi. This strategic positioning allows Foxconn to leverage Vietnam’s favorable business environment and tap into the country’s skilled labor force.
“As a key location in our global footprint, Foxconn’s base in Vietnam reflects our long-standing commitment to the region,” the company stated.
In addition to these projects, Foxconn intends to construct a new factory in Vietnam’s Nghe An province. The initial investment for this venture will amount to $100 million.
Foxconn’s investments in Vietnam underline its aim to expand beyond China, particularly amid escalating tensions between Beijing and Washington. By venturing into the EV industry and strategically positioning itself in Vietnam, Foxconn is positioning itself as a major player in this rapidly growing market.
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