Foxconn gains projects worth $246 million in Quang Ninh

These projects are the Foxconn Quang Ninh FECV factory and Foxconn Quang Ninh FMMV factory, owned by Foxconn Singapore.

Covering 6.3 hectares, the Foxconn Quang Ninh FECV factory project will cost around $200 million. The factory will specialise in manufacturing and assembling electronic components, electric chargers, and electric vehicle charge controllers.

The investor commits to completing the project within 18 months. Once operational, it is expected to create over 1,100 jobs at an average monthly income of about $550 each.

Meanwhile, the Foxconn Quang Ninh FMMV factory, covering 4.1 hectares and costing $46 million, will be for manufacturing and processing components and component molds for IT and communication products. It is slated to be put into operation in October 2024, creating jobs for nearly 750 workers.

A representative of Foxconn said that both projects adopt modern machinery and equipment originating from various Asian nations, including Vietnam.

"The approval is in line with the province's priority to lure investment in the clean industrial, processing, and manufacturing sectors. At the same time, it reaffirms the determination of the local authority to restructure the economy with the processing and manufacturing industries as the focus," said Cao Tuong Huy, Acting Chairman of Quang Ninh People's Committee.

According to Hoang Trung Kien, director of Quang Ninh Economic Zones Management Board, the two Foxconn projects are a testament to the province's administrative reform efforts. Specifically, the investor submitted the application on June 27 and was issued the investment certificate the very next day.

Up to now, Foxconn has invested in three projects in Quang Ninh, costing around $383 million. Another project is S-Vietnam by CTTV Co., Ltd. in Dong Mai Industrial Zone (IZ), which is worth $137 million.

Chau Nghia Van, deputy general director of Foxconn Vietnam said, "In 2019, the group decided to invest in Quang Ninh province. One year later, we increased our capital and established a new legal entity in the province. During our investment here, we have always received the attention, support, guidance, and direction of provincial leaders, especially Quang Ninh Economic Zones Management Board."

On June 30, Quang Yen People's Committee and Castem Vietnam also signed a land lease contract in Song Khoai IZ to implement a factory to manufacture and trade precision mechanical parts. It will cover 2 ha, cost around $18.6 million, and will look to employ more than 500 workers.

Castem Vietnam's project is the first by a Japanese investor in Song Khoai IZ. After this, there will be at least seven other projects by Japanese investors in Amata's industrial park in Quang Ninh, according to Nguyen Van Nhan, general director of Amata Halong Urban.

Taiwan-based Hon Hai Precision Industry, better known as Foxconn, plans to lease 50.5 hectares of land in Quang Chau Industrial Park in the northern province of Bac Giang to develop a new project with an investment of $300 million.

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