The world’s largest contract electronics assembler is set to invest approximately US$250 million in two new projects in Vietnam. These projects, located in an industrial park in northern Vietnam, will focus on manufacturing components for electric vehicles (EVs), confirming the company’s global plans to become a major player in the EV industry after focussing on assembling electronic products for renowned brands.
As stated in an official statement, the Taiwanese giant intends to make this investment through its Singapore unit, aimed at producing EV components, controllers, and other related products to meet future needs and developments in the EV market. This investment will bring the company’s total investment in the Southeast Asian manufacturing hub to about $3 billion over a span of nearly two decades since its initial plant was built in the region.
Local authorities have provided authorization for the company’s new investment, which will predominantly fund the establishment of a factory dedicated to manufacturing EV chargers and components. This facility is scheduled to begin production in January 2025 and is expected to employ 1,200 people. The remaining $46 million will be allocated to a plant focused on producing electronics and telecommunication components, with production slated to commence in October 2024.
Both facilities will be in the Song Khoai Industrial Park, located approximately 138 km (86 miles) east of Hanoi. The company highlights that its presence in Vietnam, with roots extending back more than 15 years, has become one of the significant locations within its global footprint.
Additionally, according to the provincial local authority, the company is planning to establish a new factory in Vietnam’s central province of Nghe An, with an initial investment of $100 million.