Apple will more than double its investment in Vietnam’s northern Bac Giang province through its Vietnam-based supplier Luxshare Precision Industry Co., it has been reported.
Citing the province’s industrial zones authority, Bloomberg indicates that the new investment, valued at $504m, will enable Luxshare to build a new facility in the region in a move to diversify manufacturing away from China.
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The Bac Giang Industrial Zones Authority is said to have granted Luxshare a revised investment licence on 6 November. The new facility is expected to be completed in the next 12 to 24 months.
News about Apple’s investment in Vietnam came after the government in Hanoi last month reported a 54% surge in foreign direct investment projects in the first 10 months of 2023. According to country officials, Vietnam attracted over $15.29bn in 2,608 new foreign direct investment projects between 1 January and 20 October 2023. Of the total, around $5,29bn was spent on 1,051 existing projects.
The manufacturing industry remains an investment stronghold in Vietnam. In the first ten months of 2023, foreign investors poured in nearly $18.84bn in manufacturing projects, accounting for 73.1% of the total FDI inflows registered in the same period.
Luxshare’s facility in Bac Giang will be on a plot of 29.1ha and will produce cables for devices, communications equipment, touch pens, smart positioning tags and smartwatches, Bac Giang authorities said in a statement cited by Reuters.
