Luxshare, a major supplier of Apple products, plans to invest an additional $330 million in its factories in northern Vietnam, creating thousands of jobs and boosting the local economy.
According to a statement from the authorities of Bac Giang province in northern Vietnam, Luxshare Precision Industry Co, a supplier of Apple, has received approval to invest an extra $330 million in its local plant, bringing the total investment to $504 million, the Reuters reported.
The statement, dated Wednesday, said that the new facility of Luxshare-ICT, a subsidiary of Luxshare in Vietnam, will cover an area of 29.1 hectares (72 acres) and will manufacture cables for smart devices, communications equipment, touch pens, smart positioning tags and smartwatches.
The construction of the facility is expected to take 12 to 24 months, the statement added.
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Luxshare, a China-based company and one of the main producers of Apple’s AirPods, began investing in Vietnam in 2019.
Its increased investment in the country reflects the trend of other manufacturers who are looking to diversify their production bases beyond China.
Earlier this year, Foxconn, another supplier of Apple, established a new factory in central Vietnam and boosted its investment in the country by $250 million to make electric vehicles and telecom parts.
Luxshare did not reply to a request for comment immediately.
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Source: Vietnam Insider