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In order to diversify and increase manufacturing, Apple supplier Foxconn has inked a $300 million (approximately Rs. 2,400 crore) memorandum of understanding with Vietnamese developer Kinh Bac City, according to official media on Saturday. According to the Tuoi Tre newspaper, 30,000 local employment will be created by the Taiwanese company's new facility, which will be located on a 50.5 hectare (125 acres) tract of land in Bac Giang province. Requests for response from Foxconn, formerly known as Hon Hai Precision Industry, and Kinh Bac City were not immediately fulfilled.
According to Tuoi Tre, Foxconn, which has been operating in Bac Giang for 15 years, has shifted some of the production of its iPad and AirPods there. It did not specify the capacity of the new factory or the products that would be manufactured there.
According to the Vietnamese government, Foxconn made an investment of $1.5 billion (or around Rs. 12,000 crore) in the Southeast Asian nation last year.
According to a recent report, Apple's suppliers are in discussions to make the Apple Watch and MacBook in Vietnam for the first time, according to a report from Nikkei Asia on Tuesday, which cited people with knowledge of the situation.
According to the source, Apple's Chinese suppliers Luxshare Precision Industry and iPhone assembler Foxconn have begun producing Apple Watch and MacBook prototypes in Northern Vietnam.
A portion of Apple's iPhone production has been moved from China to other regions, including India, where it began producing the iPhone 13 this year and where it also has plans to assemble iPad tablets.
India, the second-largest smartphone market in the world, along with nations like Mexico and Vietnam are becoming more significant to contract manufacturers supplying American brands as they try to diversify production away from China. An iPad with a larger screen and an iPad Pro with an M2 chip may launch in October.
