According to official media, Apple supplier Foxconn would invest $300 million more in northern Vietnam.
(Reuters) – HANOI Foxconn, a supplier to Apple (NASDAQ: AAPL), has inked a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City to expand its plant in the country’s north to diversify and improve output, according to official media on Saturday.
According to the Tuoi Tre newspaper, the Taiwanese company’s new facility in a 50.5-hectare (125-acre) area in Bac Giang province will create 30,000 local employees.
Foxconn, formerly known as Hon Hai Precision Industry Co, and Kinh Bac City did not answer to demands for comment right away.
The decision comes on the heels of news that Foxconn has begun testing manufacturing of the Apple Watch in northern Vietnam.
Foxconn, which has been in Bac Giang for 15 years, has relocated a portion of its iPad and AirPods production to the city’s Quang Chau Industrial Park, according to Tuoi Tre. It did not specify what items will be manufactured at the new plant or its capacity.
According to the Vietnamese government, Foxconn invested $1.5 billion in the Southeast Asian country last year.
