Apple’s largest production partner has announced a $300 million investment to expand its manufacturing capabilities in North Vietnam. Now the company is leasing a new site located in the Quang Chau Industrial Park in Bac Giang province east of Hanoi.
A report from South China Morning Post says Foxconn has signed a lease with Saigon-Bac Giang Industrial Park Corp for a 111 acre plot of land for approximately $62.5 million. The lease will run until February 2057. The site was leased through Foxconn’s subsidiary Fulian Precision Technology Component Co.
Apple has already moved some of the production of its products to Vietnam, including AirPods, Apple Watch, and a small number of iPads. The Cupertino firm also has plans to move some of its MacBook Pro manufacturing to Vietnam in mid-2023.
While China accounts for the majority of production, but Apple wants to diversify its supply chain and ease its reliance on China and has already notified its suppliers of the planned moves.
