Foxconn’s $200 million licence in VN revoked
Foxconn’s $200 million licence in VN revoked
The world's largest electronic component manufacturer, Taiwan’s Foxconn, has had its investment certificate in Vinh Phuc revoked because its $200 million project has not been implemented.
The management board of industrial zones in Vinh Phuc Province said the investment licence for Vietnam Foxconn Hi-Tech Co., Ltd.’s cellphone assembly project was revoked in June.
The project was licenced in 2008 and was scheduled for operation in 2009. However, the investor has not completed the factory construction.
"The Management Board repeatedly urged investors to implement the project but in 2015 Foxconn terminated the project and dissolved the company ahead of time. Vinh Phuc authorities decided to revoke the investment certificate," an official from the management board said.
Earlier, Foxconn had difficulty in implementing the project and repeatedly asked Vinh Phuc for delays. Because of financial problems, the group decided to dissolve the company in Vinh Phuc. Vinh Phuc is finding an alternative investor.
Recently, Compal Group (Taiwan) has proposed investing in a smartphone factory in Vinh Phuc. The proposal was welcomed by local authorities.
Foxconn was established in 1974 in Taiwan (China). It is currently the major manufacturer of components for Apple products like iPhone, iPad ...
In 3/2007, the Group began to build factories in Bac Ninh, Bac Giang and other provinces of Vietnam. The Foxconn Hi-tech Co., Ltd. was established to implement the project in Vinh Phuc.
