Taiwanese Firm Preparing for US$5Bln Project in Vietnam

5:44:52 PM | 4/12/2007

Taiwan’s Foxconn group will set up a representative office in the northern province of Bac Ninh to prepare for its US$5 billion project in Vietnam, said a Bac Ninh official.

He said the province has granted 11,000sq.m of land in an industrial zone for Foxconn to set up its representative office in Vietnam, which is expected to be inaugurated this month.

The group’s representatives recently arrived in Bac Ninh to explore the investment climate and asked for licenses to establish the Foxconn Corporation in the country, which may be implemented in early May 2007.

Previously, foreign newspapers reported that Foxconn would invest in Vietnam around six months earlier than its original plan for late 2007.

The Taiwanese firm intends to pour around US$5 billion into building two technological cites producing high-grade electronic products in the northern provinces of Bac Ninh and Bac Giang. Registered capital in the first phase, 2007, is US$1 billion.

Foxconn is the world’s top producer of electronic components with big customers like Apple, Nokia, Sony, Intel, and Microsoft. Foxconn has many plants in China, India, Brazil, the Czech Republic and Ireland. (Pioneer, Vietnamnet)