Taiwan’s Foxconn Set to Invest $300 Million More in Vietnam

Taiwanese contract electronics manufacturer Foxconn, best known as the supplier for Apple, signed a memorandum of understanding worth $300 million with Vietnam’s Kinh Bac City to expand its facility in the country’s north to diversify and ramp up production.

The company’s expansion, on 50.5 hectares of land in Bac Giang province, is expected to generate 30,000 additional jobs.

The move comes days after a report that Foxconn has started test production of the Apple Watch in the North Vietnam facility.

Foxconn, which has been in Bac Giang’s Quang Chau Industrial Park for 15 years , has moved part of its iPad and AirPods production there. The company has not revealed what type of products would be produced at the new factory or its capacity.

The Vietnamese government said last year Foxconn had invested $1.5 billion in the country.

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