Foxconn's investment in Vietnam and India gets green light

Judy Lin, DIGITIMES Asia, Taipei 0

The Investment Commission under Taiwan's Ministry of Economic Affairs (MOEA) approved six investment applications on August 29, including Hon Hai Presicision Industry (Foxconn)'s application for investing US$328.52 million in Foxconn Singapore.

The proceeds will be used in Foxconn's Vietnam and India operations, according to the press release. Foxconn has two factories in India, which produce smartphones and related electronic components, screws, and metallic parts, respectively. Its two factories in Vietnam manufacture charging equipment for electric vehicles and gaming devices, electronic books, and notebook PCs, respectively.

Foxconn announced in July to double the number of workers in its iPhone factories in India over the next two years, and Foxconn Singapore also has announced recently to invest US$500 million to acquire shares in Foxconn Hon Hai Technology India Mega Development Private Limited.

In late May, Foxconn filed an announcement with the Taiwan Stock Exchange to say that it will invest NT$7.56 billion in Vietnam to establish a new subsidiary there to produce EV components and machinery robotics.