Ha Noi (VNA) – Taiwan’s Foxconn Group on August 28 opened two hi-tech factories with a combined investment of 80 million USD in the northern province of Bac Ninh.
The two factories, built on 1.1 hectares of land in the Que Vo Industrial Zone, will manufacture hi-tech products such as cameras, computers and electronic appliances.
At the inauguration ceremony, Deputy Prime Minister Hoang Trung Hai affirmed the Government’s policy to support the factories’ operations as well as their expansion in the years to come.
Foxconn CEO Try Guo cited Viet Nam’s rich human resources, investment incentives and technical infrastructure as reasons behind the group’s decision to jump into the market.
Guo said the two above-mentioned projects were just the start of the Group’s ambitious Viet Nam investment strategy that will eventually mushroom to over 5 billion USD and make Foxconn the largest foreign investor in the second fastest-growing economy in Asia.
Foxconn expects to record 5 billion USD in export revenues in the next three to five years and become the largest employer in Viet Nam by providing some 300,000 jobs to the local workforce.
The group also plans to build a modern industrial city in Viet Nam. That along with a host of other proposed businesses would have Viet Nam standing only behind China and India as the largest base of operations for the electronic giant.
Foxconn is a leading world electronics maker with revenues bringing in 45 billion USD last year.