Foxconn Singapore has secured a license to invest $551 million in two projects aimed at producing smart entertainment products and smart-system equipment in Vietnam’s northern province of Quang Ninh, according to state media reports.
The world’s largest contract electronics maker, Foxconn (2354.TW), did not immediately respond to requests for comment. The company already has significant operations in Vietnam.
Under its unit Foxconn Singapore, the Taiwanese giant has been granted a license for a $263.7 million project to manufacture smart entertainment products with an annual capacity of 4.18 million units, as reported by the Quang Ninh newspaper.
The second project, involving an investment of $287.2 million spread over 12.4 hectares (30.64 acres), will focus on producing smart-system equipment, the paper added.
According to the investment certificate, construction for both projects is expected to be completed by July 2026. Following machinery installation and trial operations, official production is slated to commence in May 2027.
Last year, Foxconn announced plans to invest approximately $250 million in two new projects in Quang Ninh aimed at manufacturing electric vehicle and telecom parts.
Since its initial entry into Vietnam in the 2000s, Foxconn has invested over $3.2 billion in the country, with most of its manufacturing facilities located in the northern provinces of Bac Ninh and Bac Giang.
In a recent development, Vietnamese state media reported that Foxconn has also received approval to invest $383 million in a factory dedicated to producing printed circuit boards.
