Foxconn to invest additional $700 mln in Vietnam in 2021

The tech firm has invested $1.5 billion in Vietnam as of December 2020. Of the amount, $900 million was injected into Bac Giang province, creating jobs for more than 35,000 people.

In 2021, Foxconn will increase investment by $700 million, adding 10,000 jobs, the CEO told leaders of Bac Giang province in a meeting.

At the Monday meeting, the provincial leaders awarded Foxconn a licence to build a $270-million plant to produce laptops and tablets.

The plant which will be developed by Fukang Technology will produce eight million units annually. The plant will be built in Quang Chau Industrial Park.

On the same day, the Bac Giang provincial People’s Committee also awarded investment licenses three projects, namely Ja Solar PV Vietnam photoelectric cells project of Ja Solar Investment (Hong Kong) Limited, Risesun New Material Vietnam project, and Kodi New Material Vietnam project of Risesun Investment Pte.Ltd.

The Ja Solar PV Vietnam photoelectric cells project has a total output of 3.5 million/GW per year and a registered capital of $210 million.

The Risesun New Material Vietnam project capitalized at $75 million will produce 46 million square meters of plastic products annually.

Meanwhile, the Kodi New Material Vietnam project has total investment of $6 million, producing decorative material PVC film products with a designed capacity of 70 million square meter per year.

Foxconn began investing in Vietnam during 2007 with plants in the northern provinces of Bac Ninh, Bac Giang and Vinh Phuc. Last year, the company poured more money into its Bac Giang facility and expanded into Quang Ninh, another northern province.

So far, Bac Giang has attracted 472 FDI projects worth over $6 billion.

► Foxconn plans to build $1.3 bln industrial park in Thanh Hoa

► Foxconn introduces the first batch of displays made in Vietnam factory

Source: VGP