Foxconn Spends $62.5 Million For New Vietnam Site

Apple supplier Foxconn has leased a new site in Vietnam for $62.5 million, in its latest move to boost production outside China, the South China Morning Post reported, citing exchange filings.

The Taiwanese electronics giant saw its revenue drop last year after strict Covid-19 lockdowns disrupted production at its largest iPhone factory in China. The world’s largest manufacturer of electronic parts has since ramped up efforts to diversify outside China, including by boosting its investments in India.

Read the full story: SCMP

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]