Hanoi, Aug. 20 (BNA): Apple’s Foxconn (2317.TW) has signed a $300 million Memorandum of Understanding (MoU) with Vietnamese developer Kinh Bac City (KBC.HM) to expand its facility in the north of the country for diversification and enhancement. State media said on Saturday.
The Taiwanese company’s new factory, on a 50.5-hectare (125-acre) plot of land in Bac Giang County, will create 30,000 local jobs, Tui Tree newspaper said.
Reuters said Foxconn, officially called Hon Hai Precision Industry Co., and Kinh Pak City, did not immediately respond to requests for comment.
The move follows a report this week that Foxconn has begun testing production of the Apple Watch in northern Vietnam.
Foxconn, which has been in Bac Giang for 15 years, has moved part of its iPad and AirPods production to the Quang Chau industrial complex in Bac Giang, according to Tuoi Tre. He did not say what type of products would be produced at the new plant or its capacity.
The Vietnamese government said last year that Foxconn had invested $1.5 billion in the Southeast Asian country.
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