Shulou(Shulou.com)11/24 Report--

Foxconn, a major player in Apple's production and supply chain, recently decided to invest $300m to build a new plant in the Gwangju industrial zone in Bac Giang, Vietnam, according to Vietnamese media.

According to the Vietnam Youth Daily (Tuoi Tre), Foxconn recently signed a contract with Saigon-Beijiang Industrial Zone Co., Ltd. (SBG) to lease an area of 50.5 hectares to build a new factory in the Quang Chau industrial zone, which will employ about 30,000 workers when completed.

Japanese media have reported that Apple suppliers are in talks to produce Apple Watch smartwatches and MacBook laptops in Vietnam for the first time. Foxconn, a subsidiary of Hon Hai Group, and Lixun, a Chinese contract manufacturer, have begun trial production of Apple Watch and MacBook in northern Vietnam, the report said.

A number of Vietnamese media, including Vietnam Youth Daily, reported today that Foxconn will build a new factory in Gwangju Industrial Zone, reporting and posting photos of Foxconn Group signing a land lease contract with Saigon-Beijiang Industrial Zone Co., Ltd.

Le Anh Duong, governor of the northern province, said at the signing ceremony that Foxconn had become a "good friend" of the province over the past 15 years and was firmly bound together. Beijiang Province is working hard to improve its infrastructure and will try its best to satisfy investors to make Foxconn's business more convenient and effective in the future.

The report said that so far, Foxconn Group is the largest amount of foreign investment in Guangzhou Industrial Zone. Over the years, Foxconn has invested about $773 million in the Gwangju industrial zone.

Foxconn said in 2021 that it would continue to invest about $700m to expand production in Vietnam and is expected to generate about $10 billion in revenue over the next few years.

In order to diversify the production supply chain and avoid relying on the single market, Apple supply chain operators have transferred some of their production operations from China to Vietnam since the beginning of 2020. Among them, Foxconn Group transferred part of its production of iPad and AirPods products to Gwangju Industrial Zone.

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