Want to be in the loop?
subscribe to
our notification
Business News
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.
Source: VIR
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.