Taiwan’s Foxconn invests additional $16 M to start producing EV chargers in Vietnam
Fulian Precision Technology Component Co., Ltd., a wholly-owned Vietnamese subsidiary of Taiwan’s Foxconn, has registered electric vehicle (EV) charging station manufacturing as a new business line and increased its charter capital by VND402 billion ($16 million).
According to Fulian’s latest filings with the National Business Registration Portal, the capital increase raised Fulian’s registered charter capital from VND9.46 trillion to VND9.86 trillion ($398 million). The entire capital is 100 percent foreign-owned.
Fulian also added a new business line under code 2710 of Vietnam’s business registration system. It covers the manufacture of motors, generators, transformers, and electrical distribution and control equipment. A sub-sector for Fulian is the manufacturing of electric vehicle (EV) charging stations.
Fulian’s plant is located in the province of Bac Ninh’s Quang Chau Industrial Park. Manufacturing and repairing PCBA circuit boards, computers and accessories, optical products, communications equipment, and electronic components are some of its other major operations.
The market for EVs and EV charging is growing in Vietnam. Notable companies that provide EV charging infrastructure include EV manufacturers Selex, VinFast, and Datbike. Others include fossil fuel automakers like Honda and energy companies like Petrolimex.
Since 2007, Foxconn has made $4 billion in investments in Vietnam, specifically in the province of Bac Ninh, where it has employed 130,000 people. In an effort to enhance management and collaboration with Vietnamese authorities, Foxconn opened its Vietnamese office in Hanoi in April. According to Chou I Wen, CEO of Foxconn Vietnam, the company views Vietnam as both a major production hub and a hub for regional innovation.
