For long-term investment, Foxconn to invest additional $58 M in its Vietnam subsidiary
According to a filing the Taiwanese electronics behemoth submitted to the Taiwan Stock Exchange (TWSE) on Wednesday, Foxconn, also known as Hon Hai Precision Industry, will invest an additional $58.3 million in its Vietnamese subsidiary Fushan Technology (Vietnam).
The investment will be carried out by Foxconn’s division Chief Expertise Limited, maintaining full ownership of the business and increasing Foxconn’s total investment in Fushan Technology (Vietnam) to about $226 million. The deal is a component of the business’s long-term plan to increase its manufacturing presence.
Fushan Technology (Vietnam), which is situated in the northern province of Bac Ninh, is primarily involved in the production and assembly of mobile phones, speakers, printed circuit boards (PCBs), optical products, smartwatches, and other items. Unmanned aerial vehicles (UAVs) and Xbox game consoles are two of Fushan Technology Vietnam’s well-known products.
Originally called Nokia Vietnam, Fushan Technology (Vietnam) was founded in November 2011. After Microsoft purchased Nokia in April 2014, it changed its name to Microsoft Mobile Vietnam in December of that same year. Microsoft Mobile Vietnam changed its name to Fushan Technology Vietnam after the company sold its phone division to Foxconn in 2017.
Since 2007, Foxconn has made $4 billion in investments in Vietnam, mainly in the province of Bac Ninh, where it employs 130,000 people. In an effort to enhance management and collaboration with Vietnamese authorities, Foxconn opened its Vietnamese office in Hanoi on Tuesday. According to Chou I Wen, CEO of Foxconn Vietnam, the country is both a major production hub and a hub for regional innovation.
