Apple supplier Foxconn to invest $300 million more in northern Vietnam, state media reports

A motorist passes by a Foxconn workplace constructing in Taipei, Taiwan, July 14, 2020. REUTERS/Ann Wang/File Picture

HANOI, Aug 20 (Reuters) – Apple provider Foxconn (2317.TW) has signed a $300 million memorandum of understanding with Vietnamese developer Kinh Bac Metropolis (KBC.HM) to broaden its facility within the north of the nation to diversify and increase manufacturing, state media stated on Saturday.

The Taiwanese firm’s new manufacturing unit, on a plot of fifty.5 hectares (125 acres) in Bac Giang province, will generate 30,000 native jobs, the Tuoi Tre newspaper stated.

Foxconn, formally known as Hon Hai Precision Business Co, and Kinh Bac Metropolis didn’t instantly reply to requests for remark.

The transfer follows a report this week that Foxconn has began take a look at manufacturing of the Apple Watch in northern Vietnam. learn extra

Foxconn, which has been in Bac Giang for 15 years, has moved a part of its iPad and AirPods manufacturing to Bac Giang’s Quang Chau Industrial Park, Tuoi Tre reported. It didn’t say which sort of merchandise can be produced on the new manufacturing unit or its capability.

The Vietnamese authorities stated final yr Foxconn had invested $1.5 billion within the Southeast Asian nation.

Reporting by Phuong Nguyen; Modifying by William Mallard

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