As reported by local media, Taiwan's Hon Hai Precision Industry Company is investing $244 million in two different manufacturing sites in Vietnam's Qung Ninh Province, including an electric vehicle (EV) components facility. Hon Hai, widely known as Apple's premier contract maker Foxconn, aspires to become a major player in the global electric vehicle sector. It has created an EV platform that includes a powertrain and has formed various EV collaborations throughout the world.

The provincial administration of Vietnam's Quang Ninh province has authorised two different investment proposals by Hon Hai's Singaporean subsidiary, Foxconn Singapore. Both units will be erected in the Quang Yen economic zone's Song Khoai Industrial Park. FECV Foxconn Quang Ninh, the larger of the two plants, will have an investment capital of VND4.7 trillion (US$198 million) and will create electrical systems/parts for EVs. It is expected to open in 2025 and employ approximately 1,200 people.

Foxconn Quang Ninh FMMV will manufacture IT and communications goods with an investment capital of VND1.1 trillion (US$46 million).

Hon Hai stated that the plants' manufacturing equipment would be primarily supplied from Japan, South Korea, mainland China, and Taiwan.

Hon Hai has an existing project in Quang Ninh, and the newly approved plants will raise the company's total investment in the province to $300 million.