Meiko plans to finalize the processes for the expansion in the second quarter and complete the construction of the enlarged facility by the fourth quarter.
Nikkei Asia reports that the enlarged facility has a total investment of $340 million. The new plant in Hoa Binh will manufacture ultra-compact, energy-saving PCBs for the iPhone.
These products will cater to the growing technological needs of Apple's latest artificial intelligence applications. When completed, these items will be sent to India to facilitate the subsequent assembly phase, which is a component of Apple’s strategy to diversify its supply chain.
Currently, the company is speeding up the development of a $200 million PCB manufacturing plant in an industrial zone in Hoa Binh.
Meiko Electronics also plans to begin manufacturing goods at the first factory in the second quarter. Main products from the first factory encompass electronic circuits for peripherals, computers, home appliances, audiovisual gear, solar panels, microprocessor chips, and controllers.
The initial facility is projected to hire 3,000 workers and add $8 million annually to the state budget.
Meiko initially invested in Vietnam in 2006, establishing a factory in the outskirts of Thach That in Hanoi. At that moment, it ranked among the top 10 foreign investment projects in the nation.