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FOXCONN TO INVEST IN TELEVISION ASSEMBLY FACTORY IN QUANG NINH
Once the television assembly factory of Foxconn in the northern province of Quang Ninh comes into operation, it will generate 3,000 jobs and become a basis for its continued expansion.
At a working meeting with leaders of the Quang Ninh People’s Committee, Apple's largest supplier Foxconn has expressed plans to develop a television assembly factory in Dong Mai Industrial Park with the total investment capital of $40 million for the first phase only.
According to Harry Zhuo, general director of Foxconn Vietnam, Quang Ninh is a promising investment destination for numerous global groups due to its synchronous and modern transport infrastructure system, and Foxconn also wants to take advantage of its favourable investment environment.
Responding to Foxconn's plan, vice chairman of the Quang Ninh People’s Committee Nguyen Van Thang committed to creating favourable conditions and supporting the group during administrative procedures to receive the investment certificate as well as during construction.
Foxconn has been in operation for 12 years and specialises in electronic spare parts, IT, and telecommunications. At present, Foxconn has three factories in Vietnam, including Funing Precision Component Co., Ltd. in Bac Ninh province and Fuhong Precision Component Co., Ltd. and FuGiang Co., Ltd. in Bac Giang province.
In addition to outsourcing and manufacturing for some of the world’s largest electronics firms, Foxconn is engaged in mobile phone production with three brand names – Nokia, Sharp, and Infocus.
Previously, in 2016, Foxconn and Finland’s HMD Global Oy acquired Microsoft Mobile Vietnam’s smartphone factory for $350 million to produce feature phones and smartphones. However, this factory reduced the number of its employees by 10,000 employees after the acquisition.
Prime Minister Nguyen Xuan Phuc on May 30 requested the southern key economic region to strive to become a powerful and prosperous region by 2035, ten years ahead of the deadline for the same goal for the whole Vietnam.
The city saw the establishment of 12,260 new firms in the period with total registered capital of 181.4 trillion VND (US$7.78 billion), down 10% in number but up 9% in capital compared to the same period last year.
Viet Nam possesses a number of advantages to harness new investment waves as multinational corporations are believed to seek relocation of production facilities in the post-coronavirus period.
The draft law on public-private partnership (PPP) is scheduled to be submitted to the National Assembly for approval at the 9th meeting in May 2020. The drafting agency and the appraising agency have hosted many meetings and discussions with investors and experts with the aim of perfecting the law to attract private participation in PPP projects.
The Government has introduced a range of new measures to support businesses affected by the COVID-19 pandemic, according to its Resolution No. 84.
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