Hanoi (dpa) - Taiwanese electronics giant Foxconn said Wednesday it will built a 1.1-billon-dollar industrial centre in northern Vietnam as part of a plan to invest a massive 5 billion dollars into the country, local media reported.
The bold move into Vietnam by Foxconn, the world's largest electronics manufacturer for such brands as Nokia, Apple and Sony, is the latest sign that low-wage Vietnam has become a new magnet for manufacturing investment.
The company, officially titled Hon Hai Precision Industry Co., has said it will eventually employ 300,000 workers at its planned Vietnamese factories.
Currently, Foxconn makes 80 per cent of its products in China, where it employs 450,000 people. Foxconn's 1.1-billion-dollar industrial zone in Vietnam's Vinh Phuc province, 60 kilometers north of Hanoi, is to house two factories making mobile phones, expected to produce 84 million units per year, according to Thanh Nien newspaper online.
The manufacturing giant also is building a plant in nearby Bac Ninh province to produce camera modules, computer main boards and connects, the paper said.
Vietnam's low labour costs and its youthful, highly literate population have made it a popular new manufacturing magnet, drawing from its proximity to China and even lower wages of around 55 dollars per month vs. more than 100 dollars for parts of China.
Intel Corp., the world's largest computer chip-maker, is building a billion-dollar chip-assembly factory in Saigon's High-Tech Park and other
Canon and Panasonic have established printer factories in Vietnam, with Canon projecting 1 billion dollars in export revenue this year. dpa kj jh
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