Foxconn invests $551 million more in Quang Ninh

Foxconn was awarded the Investment Registration Certificate from Quang Ninh Economic Zone Authority for two projects with total investment capital of $551 million on July 3.

Specifically, the Smart Entertainment Products Project was invested in Song Khoai Industrial Park (Amata). Covering an area of ​​21.5 ha, the project has total capital of $263.7 million, design capacity of 4.18 million products per year.

The Smart System Project, meanwhile, located in DEEP C Quang Ninh 2 Industrial Zone with total an area of 12.4 ha. The project has a total capital of $287.2 million, focusing on the high-volume production of smart home systems, design capacity of 8.78 million products per year.

This momentous occasion makes DEEP C the first industrial zone in Vietnam to host the two Electronics Manufacturing Services (EMS) giants, including Pegatron in DEEP C Haiphong 2 in 2020 and now, Foxconn in DEEP C Quang Ninh 2.

With an ambitious timeline set for May 2027, the project plans to complete equipment installation, conduct trial production, and officially commence operations.

These are production projects in the field of processing and manufacturing industries, in accordance with the goals and orientation of investment attraction and development of Quang Ninh in the new period, and are environmentally friendly projects with great added value, economical and effective use of land and resources, and contribute greatly to GRDP growth and budget revenue of the province.

Mr. Cao Tuong Huy, Chairman of the Provincial People's Committee said that the investment demonstrates investors' confidence in the province's investment environment. "Quang Ninh hopes that Foxconn will continue to stick together and research investment in the next projects in the province," he added. "Quang Ninh will become a strategic investment area of ​​Foxconn."

To support Foxconn in implementing the project, Quang Ninh will establish a working group directly directed by the Chairman of the Provincial People's Committee. The group will take effective support measures so as to remove difficulties, create the most favorable conditions for administrative procedures, and site clearance during project implementation. Meanwhile, the investors are requested to speed up the implementation progress and complete the two projects by September 2025.

Speaking on this occasion, Foxconn's representative said the company is committed to shortening the construction of the two projects by 10 months compared to the initial investment plan, thus completing in September 2025, as required by Quang Ninh province.

"This is an ideal investment area, consistent with Foxconn's goals, plans and strategies," Foxconn's representative added. "The Group's continued investment in Quang Ninh has been carefully calculated based on natural, socio-economic conditions and management and direction capacity. We also hope to continue to receive support from the province during the implementation of projects."

Founded in 1974 in Taiwan (China), Foxconn is operating in the field of consumer electronics manufacturing, participating in 40 per cent of the consumer electronics market share worldwide. 

Foxconn has been investing in Quang Ninh since 2019 with the S-Vietnam Project in Dong Mai Industrial Park with an investment capital of $137 million. Currently, the project has gone into stable production and business operations.

The Group then invested in two more projects in the province with a total  investment capital estimated at $246 million in 2023.