Taiwanese contract manufacturer Hon Hai Precision Industry Co. Ltd. HNHPF, widely known as Foxconn and a major Apple Inc. supplier, is set to expand its presence in Vietnam with an $80 million investment through its subsidiary, Shunsin.

What Happened: According to a document from Vietnam’s environment ministry, Shunsin aims to build a plant in Bac Giang province focused on producing integrated circuits, reported Reuters.

The facility is expected to begin full-scale operations by December 2026, targeting an annual output of 4.5 million units.

Foxconn did not immediately respond to Benzinga‘s request for comment.

The products from this plant will be exported primarily to the United States, the European Union, and Japan. This new investment follows Foxconn’s July approval to invest $383 million in another facility in Vietnam for printed circuit boards.

Since entering Vietnam in the early 2000s, Foxconn has invested over $3.2 billion, with most of its facilities located in northern provinces like Bac Ninh and Bac Giang. Shunsin has not yet commented on the development.

Read Next:

Image Via Shutterstock

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote