Taiwanese electronics manufacturer Foxconn will be investing around US$250 million (RM1.2 billion) into two new projects in Vietnam for the production of components for electric vehicles, the company said according to Reuters.
The world’s largest contract electronics assembler will invest the sum into an industrial park in Vietnam through its unit Foxconn Singapore, and this industrial park will focus on “the production of electric vehicle components, controllers and other products to meet future development needs,” Foxconn said in a statement to Reuters.
The latest projects would bring its total investment in the Southeast Asian manufacturing hub to around US$3 billion (RM14 billion) in nearly two decades since its first plant was built at the location, which confirms its expansion plans outside China, the news wire reported.
Reuters cites local authorities in Vietnam as saying that they have authorised the new investment by Foxconn, where most of the funding, around US$200 million (RM933 million) will be for a factory that will produce EV chargers and components, and this is scheduled to commence production in January 2025 with a workforce of 1,200, Vietnamese authorities said.
The remaining sum is for a plant that will produce electronics and telecommunication components, and manufacture will start in Vietnam in October 2024, the report continued. Both facilities will be located in the Song Khoai Industrial Park, around 138 km east of Hanoi.
While its latest investment in Vietnam is for the manufacture of EV components, the Taiwanese electronics giant commenced construction of its EV assembly plant in Thailand last November, emerging from a joint venture company for EV production that will roll out its first cars in 2024.
In addition to its own EV manufacture, Foxconn also plans to build finished cars for other manufacturers under contract, using a platform and software developed by Foxconn.
Beyond this, Reuters also reported that Foxconn plans to open a new factory in the Nghe An province in Vietnam with an initial investment of US$100 million (RM466 million).
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There is no company willing to invest in Malaysia due to our weak and incapable government.
Mahathir bapak automotive Thailand.
Anwar bapak EV Vietnam.
Habeslah Mesia bawah PH!
Are you willing to accept the same salary as the Vietnamese?
Vietnam . Amongs the Chinese Manufacturers there? 130km East of Hanoi ~ Near China Border. Manufacvturing to avoid US sanctions on Chinese Products AGAIN.
As I mentioned many times, Thailand, Vietnam and Laos will get all these big companies relocating or opening factories there because of 1 factor..They are connected to China via BRI high speed rail. Easy to order parts. Hari ini order semalam sudah sampai.So basically they are having a factory or brach outside of china but still in China. Best of both world. We are losing badly. How is our BRI project going on???