Foxconn secures new manufacturing site in Vietnam after turmoil in China

Apples biggest supplier Foxconn has secured a new site in Vietnam, as the Taiwanese giant shifts production away from China after facing major supply-chain disruptions late last year after the lifting of zero-Covid policy.

According to South China Morning Post, Taiwan-based Foxconn (earlier known as Hon Hai Precision Industry) has signed a lease with Saigon-Bac Giang Industrial Park Corp to occupy a plot of 45 hectares for around $62.5 million to meet “operational needs and expand production capacity”.

In an exchange filing, the Taiwanese giant said the lease will run through February 2057.

“Foxconn signed a $300 million agreement with a Vietnamese developer last August to build a new factory in Bac Giang, where it already produces iPads and AirPods,” according to the report.