Driven by its commitment to diversify away from China amid continuous tensions between Beijing and Washington, Foxconn, the renowned global electronics assembler, is making a resounding statement in Vietnam's thriving industrial landscape.
With a bold investment of $250 million in two new projects in Vietnam, Foxconn will establish an industrial park in northern Vietnam. One facility will be centred around the production of crucial EV components and controllers, while the other for advanced electronics and telecommunication components, according to Reuters.
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The company is strategically positioning itself at the forefront of the electric vehicle (EV) revolution underscoring its global plans to become a player in the EV industry after having focused for years on assembling electronic products for Apple and other major brands.
With production set to commence in January 2025, this facility will employ a skilled workforce of 1,200 individuals, driving both job creation and technological advancement.
In addition to its projects in northern Vietnam, Foxconn has announced plans to establish a new factory in Vietnam's central province of Nghe An, with an initial investment of $100 million, confirming its broader strategy to diversify its operations beyond China amid the U.S.-China trade war.
The investment takes Foxconns total investment in the Southeast Asian manufacturing hub to about $3 billion in two decades since it built its first manufacturing hub there.