Facebook parent Meta Platforms Inc will produce its next-generation virtual reality and augmented reality headsets in Vietnam, creating more than 1,000 jobs, the company said yesterday.
Speaking at a tech conference in Hanoi, Meta president of global affairs Nick Clegg said that the firm would focus on the production of the Quest 3S headset in the Southeast Asian country.
“We will, with our local partners, be manufacturing them here in Vietnam, and we estimate that this will create well over 1,000 new jobs,” he said.
Photo: AFP
Vietnam — long a low-cost destination to make clothes, shoes and furniture — is eyeing a rapid climb up the global supply chain.
The Vietnamese government last week said that Elon Musk’s SpaceX plans to invest US$1.5 billion in the country.
Vietnam is particularly intent on developing its capabilities in the lucrative chip industry, with global supply chain shocks and fears about US reliance on China for key resources boosting investment there.
Facebook is widely used in Vietnam and Clegg said the nation was among the global leaders in using its Messenger platform “not just to send messages to family and friends, but actually communicate with businesses and so foster trade and commerce across the country.”
However, Facebook has also faced criticism from human rights groups in the past few years for blocking content deemed illegal by the country’s government.
Facebook is a popular platform for rights advocates in Vietnam, where all independent media are banned.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
PRESSURE EXPECTED: The appreciation of the NT dollar reflected expectations that Washington would press Taiwan to boost its currency against the US dollar, dealers said Taiwan’s export-oriented semiconductor and auto part manufacturers are expecting their margins to be affected by large foreign exchange losses as the New Taiwan dollar continued to appreciate sharply against the US dollar yesterday. Among major semiconductor manufacturers, ASE Technology Holding Co (日月光), the world’s largest integrated circuit (IC) packaging and testing services provider, said that whenever the NT dollar rises NT$1 against the greenback, its gross margin is cut by about 1.5 percent. The NT dollar traded as strong as NT$29.59 per US dollar before trimming gains to close NT$0.919, or 2.96 percent, higher at NT$30.145 yesterday in Taipei trading
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