The Hanoitimes – Foxconn plans to invest another US$700 million in Vietnam this year.
Foxconn Singapore Pte, a wholly-owned subsidiary of Taiwan-based Foxconn or Hon Hai Precision Industry, today [January 18] received an investment license from the authority of Vietnam’s northeastern province Bac Giang for a US$270-million manufacturing project.
|General Director of Foxconn Singapore Pte Ltd Zhuo Xian Hong.|
Known as a manufacturing partner of Apple, Foxconn would build a plant named Fukang Technology that is specialized in manufacturing tablets and laptops with the production capacity of eight million units per year.
General Director of Foxconn Singapore Pte Ltd Zhuo Xian Hong said the company made inroads into Vietnam in 2007 with the first two manufacturing plants in Bac Ninh and Bac Giang.
As of December 2020, total investment capital of the group stood at US$1.5 billion and employed over 53,000 locals, in which the investment capital in Bac Giang province amounted to US$900 million.
In 2021, the group would continue to invest another US$700 million and create jobs for 10,000 people.
|Chairman of Bac Giang province People’s Committee Le Anh Duong.|
Chairman of Bac Giang province People’s Committee Le Anh Duong said the locality is committed to creating the most favorable conditions for investors, including ongoing efforts to improve the business environment, administrative reform and legal assistance for foreign businesses.
“We are determined to create a transparent and fair business/investment environment to keep attracting investment capital to the province,” stated Mr. Duong.
|Investors receive investment licenses from Bac Giang’s authorities. Photos: Duong Thuy|
“Local authorities would try its best to provide the best technical infrastructure and services to investors, especially administrative procedures for the soon implementation of the project,” he added.
In addition to the Foxconn’s project, Bac Giang authorities have also issued investment licenses for three other foreign direct investment (FDI) projects, including the manufacturing project of photovoltaic products Ja Solar PV Vietnam from Ja Solar Investment (Hong Kong) with investment capital of US$210 million; The Risesun New Material Vietnam project from Risesun Investment Pte (Singapore) to produce plastic and composite products worth US$75 million; and the Kodi New Material Vietnam project from Risesun Investment to make decorative PVC panels for US$6 million.