Quang Ninh province granted investment certificates to two projects proposed by Apple supplier Foxconn with total registered capital of $246 million on Thursday, just 12 hours after the applications were submitted, rather than the usual 14-day process.
Foxconn: The remaining USD46 million is for a plant to produce electronics and telecommunication components, with production set to begin in October 2024. Both facilities will in the province s Song Khoai Industrial Park, 138 km (85.75 miles) east of Hanoi.
The world's largest contract electronics maker and assembler, Foxconn, has received approval from Vietnam to invest $246 million in two new projects its northern province of Quang Ninh, the local authority said on Friday. The projects, by its unit Foxconn Singapore, will raise total investments by Foxconn in Vietnam to about $3 billion and will centre on the manufacture and assembly of telecom and electric vehicle (EV) parts, the provincial government said. Foxconn did not immediately respond to a request for confirmation.
Foxconn, which has been in Vietnam for nearly two decades, also plans to set up a new factory in the central province of Nghe An. with an initial investment of $100 million, the provincial local authority said last month.
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