The world's largest contract electronics maker and assembler, Foxconn, has received approval from Vietnam to invest $246 million in two new projects its northern province of Quang Ninh, the local authority said on Friday.
The projects, by its unit Foxconn Singapore, will raise total investments by Foxconn in Vietnam to about $3 billion and will centre on the manufacture and assembly of telecom and electric vehicle (EV) parts, the provincial government said.
Foxconn did not immediately respond to a request for confirmation.
Of the investment, $200 million will go into a factory to produce EV chargers and components, which is scheduled to start production from January 2025 with a workforce of 1,200 people.
The remaining $46 million is for a plant to produce electronics and telecommunication components, with production set to begin in October 2024. Both facilities will in the province's Song Khoai Industrial Park, 138 km (85.75 miles) east of Hanoi.
Foxconn, which has been in Vietnam for nearly two decades, also plans to set up a new factory in the central province of Nghe An with an initial investment of $100 million, the provincial local authority said last month.