Foxconn expands Vietnam factories, perhaps to help Apple diversify beyond China
Electronics assembler for the stars Foxconn has signed a $62.5 million lease on 45 hectares of land in an industrial park in Vietnam's Bac Giang province, as tech manufacturing operations continue to shift out of China.with the Taiwan Stock Exchange from the massive manufacturer – also known as Hon Hai Precision.
The lease was issued to Foxconn subsidiary Fulian Precision and runs until February 5, 2057. The facility's purpose is to meet"operational needs and expand production capacity."an MOU last August, as reports emerged that it was in talks to move its Apple Watch and MacBook making biz out of China for the first time. The deal was expected to bring in 30,000 workers and represent $300 million in investment.
Bac Giang is a hub for Big Tech factories and Foxconn is thought to already work on the iPad and AirPod in the locale, which is also home to Apple and Samsung component suppliers and assemblers. In 2021, the town's factories had their share of COVID-relatedBut it's not Vietnam's pandemic lockdowns that have spooked Big Tech with visions of supply chain disruptions.
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