Taiwan’s Hon Hai Precision Industry Company is investing US$244m in two separate manufacturing plants in Vietnam’s Quảng Ninh Province, including an electric vehicle (EV) components factory, according to local reports.
Hon Hai, also known as Apple’s leading contract manufacturer Foxconn, aims to become a significant player in the global EV industry. It has developed an EV platform complete with powertrain and has established several EV partnerships around the world.
Vietnam’s Quang Ninh provincial government has approved two separate investment projects by Hon Hai’s Singaporean subsidiary, Foxconn Singapore. Both plants are to be built in the Song Khoai Industrial Park in the Quang Yen economic zone.
The largest of the two factories, FECV Foxconn Quang Ninh, will have an investment capital of VND4.7trn (US$198m) and will produce electrical systems/parts for EVs. It is scheduled to become operational in 2025 and employ around 1,200 people.
Foxconn Quang Ninh FMMV has an investment capital of VND1.1trn (US$46m) and will produce IT and communications products.
Hon Hai said the manufacturing equipment for the plants would be imported mainly from Japan, South Korea, mainland China and Taiwan.
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Hon Hai already has a project in Quang Ninh and the newly approved plants will bring the company’s total investment in the province to US$300m.