Foxconn Gets License to Build New $270 Million Plant in Vietnam
Foxconn has received a license to build a new $270 million plant in Vietnam that will produce laptops and tablets, reports Reuters. The plant will be developed by Fukang Technology and located in the northern province of Bac Giang. It’s expected to produce over eight million units annually.
Foxconn has so far invested $1.5 billion in Vietnam and plans to raise its investment by $700 million and recruit 10,000 more local workers this year, the government said. Separately, state media reported last week Foxconn was also looking into investing $1.3 billion in Thanh Hoa province, 160 km (99.42 miles) south of Hanoi.
Previous reports have said that Foxconn plans to move some iPad and MacBook assembly to Vietnam from China, at Apple’s request. The company is reportedly looking to diversify its production to minimize the impact of China-USA trade tensions.
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