Foxconn is the latest in a long line of foreign investors to succumb to Vietnam’s attractions. Credit: Robert Way via Shutterstock.

Taiwan-based electronics contract manufacturer Hon Hai Precision Industry, which trades as Foxconn, has announced plans to invest $200m (T$6.26bn) to build a new plant in Quang Ninh province, Vietnam. The new factory will produce electric vehicle charging equipment and other electronic components. The facility is due to be completed in January 2025 and will have around 1,200 employees.

Foxconn is a supplier to Apple, and the factory will be located some 140km east of capital Hanoi.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company is known as Hon Hai in China and Taiwan but trades as Foxconn internationally. It is considered the world’s largest technology manufacturer, and among the products it helps to make are BlackBerrys, iPads, iPhones, Kindle, Nintendo gaming systems, Nokia devices and PlayStation gaming consoles. Foxconn has global operations in mainland Brazil, China, Czech Republic, Hungary, India, Japan, Malaysia, Mexico, Slovakia and South Korea.

Quang Ninh province is located in north-east Vietnam, on the border with China. It is rich with natural resources and is responsible for around 90% of Vietnam’s coal output. Aside from mining, the province’s economy is largely based around agriculture, although tourism becoming more prominent.

Vietnam has attracted numerous foreign investors to the country in 2023, including Autoliv, Yongjin Metal and Lioncore Industries. As Western investors in particular look for Asian alternatives to China, for reasons as diverse as rising labour costs to the US-China trade war, Vietnam has positioned itself to siphon off some of this capital.