Hon Hai Precision Industry Co (鴻海精密) is studying the feasibility of setting up a production facility in Vietnam to produce TV screens, the Saigon Times reported.
In a report published on Monday, the Vietnamese newspaper said Hon Hai is mulling a plan to build a TV screen assembly plant in Quang Ninh Province in northern Vietnam.
Hon Hai, known as Foxconn Technology Group (富士康科技集團) globally, is expected to invest US$40 million in the initial phase of the new TV screen plant, to be built in the Dong Mai Industrial Park in Quang Yen Town, the report said.
The report cited Foxconn Vietnam general director Harry Zhuo (卓憲宏) as saying that the initial phase of the project would create about 3,000 jobs.
Zhuo, who has discussed the investment plan with Vietnamese government officials, said the project would pave the way for Hon Hai to expand its reach in Vietnam by enabling it to invest in more sectors, the report said.
Quang Ninh Province Vice Chairman Nguyen Van Thang has promised to create favorable conditions for Hon Hai to complete the investment process as quickly as possible and recruit a sufficient number of workers for the plant’s construction and operations, the report added.
Hon Hai, an iPhone assembler, has had factories in Bac Ninh and Bac Giang, and other facilities in Vietnam since March 2007. The plant in Bac Giang has been listed as one of factories used to supply products to Apple Inc.
In addition, FIT Hon Teng Ltd (鴻騰精密), a Hong Kong-listed subsidiary of Hon Hai, announced that it would spend about NT$4 billion (US$129 million) to invest in Vietnam’s New Wing Interconnect in a bid to expand its production in Bac Giang.
FIT Hon Teng has operations in Taiwan, Mexico, and China’s Jiangsu, Guangdong, Henan, Shandong and Chongqing. It specializes in optoelectronics development, and has also entered the mobile communications and healthcare arenas.
Amid the ongoing trade dispute between the US and China, Hon Hai, which operates huge production bases in China with a workforce of 1 million, has watched the situation closely to determine how to respond.
It has also had to recalibrate its management after Hon Hai founder and former chairman Terry Gou (郭台銘) in April announced his intention to go into politics and pursue the Chinese Nationalist Party’s (KMT) nomination in next year’s presidential election.
Gou stepped down as chairman after a board meeting last week elected Young Liu (劉揚偉) to succeed him. Liu is scheduled to take the helm on Monday next week.
Hon Hai has set up a nine-member operations committee to monitor the global market.
soft landing: The US’ rate-setting FOMC finds itself in a difficult situation as it seeks to address inflation through interest rate hikes while avoiding a recession The US Federal Reserve is widely expected to hold interest rates steady on Wednesday after a summer of mixed economic data, while leaving the door open to another hike if needed. The Fed has raised interest rates 11 times over the past 18 months, lifting its key lending rate to a level not seen for 22 years as it tackles inflation still stubbornly above its long-term target of 2 percent. Analysts and traders broadly expect the US central bank to hold rates steady on Wednesday in order to give policymakers more time to assess the health of the world’s largest economy. “We think
AI TREND: TSMC has been rapidly expanding capacity to meet a spike in demand for advanced packaging services, but still expects supplies to be tight for 18 months Arizona is in talks with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) about advanced chip packaging, state Governor Katie Hobbs said yesterday, which is crucial for the manufacturing of artificial intelligence (AI) chips. TSMC, which is building a US$40 billion chip factory in the US state, has not announced plans to build facilities for advanced chip packaging in the US. Advanced packaging processes stitch multiple chips together into a single device, lowering the added cost of more powerful computing. “Part of our efforts at building the semiconductor ecosystem is focusing on advanced packaging, so we have several things in the works around that
At a sprawling South Korean arms factory on Friday, a high-tech production line of robots and super-skilled workers were rapidly churning out weapons that could, eventually, play a role in Ukraine. Since the Russian invasion last year, the Hanwha Aerospace factory in the southern city of Changwon has expanded production capacity three times, workers told reporters, as South Korea ramps up arms exports while traditional behemoths like the US struggle with production shortages. Longstanding domestic policy bars Seoul from selling weapons into active conflicts, but even so it signed deals worth US$17.3 billion last year, including a US$12.7 billion agreement with NATO
Tailwinds: Blockbuster earnings at Nvidia Corp have sparked hopes of a tech sector boom; Taiwanese chipmakers are hopeful benefits will come to them too The worst could be over for the New Taiwan dollar as China’s economic recovery and a rebound in the chip industry will support the beleaguered currency, analysts said. The NT dollar is on course to weaken for a sixth month, the longest stretch since 2006, after foreign funds turned sour on its technology sector and risk sentiment deteriorated on slower growth in China. The tide seems to be turning now on nascent signs of stabilization in China’s economy — its biggest trading partner — following policy boosts. The yuan emerged as the best-performing Asian currency last week, followed by the Japanese yen
RSS