Foxconn to pour $270 mln into Vietnam expansion
Foxconn, which already has plants in northern Vietnam, will soon establish a new local company in the country that will likely produce PC-related parts like displays, according to Nikkei.
The Taiwan-based company, which began the production of liquid crystal displays in Vietnam last week, aims to take advantage of the new Regional Comprehensive Economic Partnership (RCEP) agreement and hopes to boost its domestic production capacity, it added.
Foxconn produces TVs, telecom equipment, and computer-related products in Vietnam. Its chairman Young Liu in June said Vietnam was the company’s largest manufacturing hub in Southeast Asia.
Other Taiwanese electronics manufacturers Pegatron and Wistron, rivals to Foxconn, have also expanded to Vietnam.
Foxconn began investing in Vietnam during 2007 with plants in the northern provinces of Bac Ninh, Bac Giang and Vinh Phuc. Last year, the company poured more money into its Bac Giang facility and expanded into Quang Ninh, another northern province.
The company expects to export $6 billion worth of products from Vietnam this year, double that of last year. It eyes to create 50,000 jobs with an average salary of VND10-12 million ($433-519) a month.
Computers, electronics and parts were the second largest export category of Vietnam in the first 10 months this year at $36.44 billion, behind smartphones and parts, according to Vietnam Customs.
The biggest export markets for this category were China, the U.S., and the E.U.
- World breaking news today March 6 Former impeachment manager sues Trump for Capitol attack
- Steel, mechanical firms in struggle for survival amid COVID-19
- Australia suspends Chinese s CGTN and CCTV channels
- Vietnam striving to be self-sufficient in COVID-19 vaccines
- Daily Horoscope for March 6 Astrological Prediction for Zodiac Signs
U S market offers ample room for Vietnamese craft wood enterprises
Main index makes slight rebound
E-commerce platforms help “rescue” agricultural products
Securities association expresses concern over prospect of 1,000 shares minimum trading lot
Forex trading platforms against Vietnamese law: officials
NHK WORLD-JAPAN Presents "3.11 – Ten Years On," a Collection of New and Encore Programs to Commemorate 10-Year Anniversary of the Largest Earthquake Ever Recorded in Japan
Galaxy Entertainment Group Continues Expansion with The Development of The Legendary Raffles at Galaxy Macau
AOC named as no.1 in Gaming Monitors worldwide in 2020
7-SELECT Collaborates with PABLO, the Cheese Tart Bakery from Japan, To Launch 5 Brand-New Cheese-Inspired Delights
4 in 5 Businesses Affirm That Workflow Automation Enhances Employees’ Work Rather Than Replace Them, But a Knowledge Gap Persists