Apple will more than double its investment in Vietnam’s northern Bac Giang province through its Vietnam-based supplier Luxshare Precision Industry Co., it has been reported.

Citing the province’s industrial zones authority, Bloomberg indicates that the new investment, valued at $504m, will enable Luxshare to build a new facility in the region in a move to diversify manufacturing away from China.

The Bac Giang Industrial Zones Authority is said to have granted Luxshare a revised investment licence on 6 November. The new facility is expected to be completed in the next 12 to 24 months.

News about Apple’s investment in Vietnam came after the government in Hanoi last month reported a 54% surge in foreign direct investment projects in the first 10 months of 2023. According to country officials, Vietnam attracted over $15.29bn in 2,608 new foreign direct investment projects between 1 January and 20 October 2023. Of the total, around $5,29bn was spent on 1,051 existing projects.

The manufacturing industry remains an investment stronghold in Vietnam. In the first ten months of 2023, foreign investors poured in nearly $18.84bn in manufacturing projects, accounting for 73.1% of the total FDI inflows registered in the same period.

Luxshare’s facility in Bac Giang will be on a plot of 29.1ha and will produce cables for devices, communications equipment, touch pens, smart positioning tags and smartwatches, Bac Giang authorities said in a statement cited by Reuters.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.