By Joe Fotalattee
According to South China Morning Post (SCMP), Foxconn, Apple’s largest contractor, has decided to invest US$62.5 million into a land lease agreement in the Vietnamese province of Bac Giang to grow its operations there.
The Saigon – Bac Giang Industrial Park Corp. and the Taiwanese behemoth, formerly known as Hon Hai Precision Industry, have agreed to the terms to “meet its operational needs and increase production capacity”.
The site was rented through Foxconn’s subsidiary Fulian Precision Technology Component Co., which is situated in the Quang Chau Industrial Park in the province of Bac Giang. According to the company, the lease is valid until February 2057.
Last August, Foxconn, and a Vietnamese developer agreed to build a new factory in Bac Giang for the production of iPads and AirPods. The deal was worth $300 million.