Foxconn to invest billions in central Vietnam

TN News

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Taiwanese-owned Hon Hai Precision Industry Company, which owns the world famous electronics manufacturing trade name Foxconn, will invest billions of dollars in a hi-tech complex in central Vietnam this year.

The company is currently working with the local Kinh Bac Urban Development Joint-stock Company (KBC) on the plan that will begin to be implemented in the second half of the year, according to KBC board chairman Dang Thanh Tam.

Tam said his company and Hon Hai would put US$100 million each into the complex covering more than 1,000 hectares in Trang Cat Ward, Hai An District, Hai Phong City.

The investment of $200 million, however, will only be used for the project's infrastructure, Tam said.

Hon Hai then would build major electronics manufacturing factories costing up to billions of dollars in the complex which will include a 200-hectare golf course, a 360-hectare urban area and a 300-hectare hi-tech industrial area, he added.

The Taiwanese corporation has signed memorandums of understanding with Vietnam's seven provinces and cities to invest in urban-service and industrial areas with golf courses initially costing $5 billion in 2007. The projects were delayed due to global economic crisis.

Foxconn is the largest manufacturer of electronics and computer components worldwide, mainly manufacturing on contract to other companies like Apple Inc. and Intel Corp. Its products range from the iPod and the iPhone to Sony's PlayStation 2 and 3.

Source: TBKTSG

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