These initiatives will increase Foxconn’s total pledged investment in the province to around $1bn. Credit: Robert Way/Shutterstock.

Foxconn, a key supplier to tech giant Apple, is set to invest approximately $551m in two new projects in Vietnam’s northern coastal province of Quang Ninh, reported Bloomberg, citing a posting on the provincial government’s website.   

This move is part of the company’s strategy to diversify its manufacturing bases across Asia, including India and Vietnam. 

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The investment includes a $264m project in Song Khoai Amata Industrial Park, aimed at producing smart entertainment products with an annual capacity of about 4.2 million units.  

Additionally, Foxconn has been authorised to invest $287m in Bac Tien Phong Industrial Park for the manufacturing of smart-system equipment. 

These initiatives will increase Foxconn’s total pledged investment in the province to approximately $1bn. 

The Quang Ninh provincial government has committed to forming a working group to support Foxconn, ensuring the completion of construction by September 2025 with “supportive measures and creating the most favourable conditions.” 

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In 2023, the government announced two other Foxconn plants in the region, focusing on electronic components, with a combined investment of $246m.  

Earlier in 2024, Foxconn entered a partnership with India’s HCL Group to establish a chip packaging and testing venture, with an investment of $37.2m, (Rs3.09bn) for a 40% stake in the joint venture. 

This new operation, an outsourced assembly and testing unit, is crucial for the semiconductor industry, allowing companies to outsource chip packaging and testing to reduce costs.  

It follows Foxconn’s withdrawal from a previous joint venture with Vedanta Group in India, which aimed to establish a $18bn chip plant in the state of Gujarat.