The plant would be specialized in manufacturing tablets and laptops for Apple with the production capacity of eight million units per year.
Making inroads into Vietnam in 2007 with the first two manufacturing plants in Bac Ninh and Bac Giang provinces, the country is currently Foxconn’s largest production hub in Southeast Asia.
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.
Foxconn is currently rushing to shift away from being overly dependent on Chinese production as reported by Nikkei, with the goal of making its production outside China total more than 30% of its overall production.
Rival companies such as Taiwanese electronics manufacturer Pegatron and contract manufacturer Wistron have also decided to expand into Vietnam, with the latter planning to invest US$1 billion to build a manufacturing complex at the Nam Dinh Vu industrial park in the northern city of Haiphong.