Foxconn subsidiary seeks $80 million Vietnam investment for integrated circuits
Monday, November 04, 2024, 14:56 GMT+7
Taiwanese giant Foxconn's subsidiary Shunsin is seeking a permit to invest $80 million in northern Vietnam to produce integrated circuits, according to a document from Vietnam's environment ministry.
The proposed plant in Bac Giang province will focus on producing and processing electronic components, specifically integrated circuit boards, the document said.
Shunsin plans to begin operations at full-scale in December 2026, with annual capacity of 4.5 million units, the document added.
Shunsin did not immediately respond to a request for comment. It is majority owned by a unit of Foxconn, the world's largest contract electronics maker and assembler. Foxconn, formally known as Hon Hai Precision Industry, already has major operations in Vietnam.
In July, Foxconn, through its unit Foxconn Singapore, was awarded a license to invest $383 million in a factory for printed circuit boards in northern Vietnam.
According to the ministry document, all products from the Vietnam Shunsin plant will be for export to the United States, European Union, and Japan.
Foxconn has invested more than $3.2 billion in Vietnam since fist entering the Southeast Asian country in the 2000s. Most of its manufacturing plants are located in the northern provinces of Bac Ninh and Bac Giang.
