Foxconn expands operations in Việt Nam through acquisition of Goertek Electronics

Foxconn expands operations in Việt Nam through acquisition of Goertek Electronics

The deal is worth US$50 million, equivalent to a 25 per cent equity stake in Goertek Electronics Vietnam.

Foxconn's headquarters in Taipei, Taiwan (China). — AFP/VNA Photo

Foxconn, the Taiwanese electronics manufacturing giant, has announced a strategic acquisition of Goertek Electronics Vietnam, a subsidiary of the Chinese Goertek Group. 

This move signifies a significant expansion of Foxconn's operations in Việt Nam, as it seeks to enhance its production capabilities and market presence in the region.

Under the agreement, New Wing Interconnect Technology, a subsidiary of Foxconn Interconnect Technology (FIT), will invest US$50 million to acquire a 25 per cent equity stake in Goertek Electronics Vietnam, while the remaining 75 per cent will continue to be held by the parent company.

FIT, based in the Cayman Islands and operating under the name FIT Hon Teng Limited in Hong Kong (China), has emphasised the importance of this transaction. However, the completion of the deal is contingent upon approval from relevant regulatory authorities.

Goertek Electronics Vietnam, located in Bắc Ninh Province, specialises in the production of headphones, charging devices and smartwatches. The facility plays a crucial role in Goertek's global supply chain and the acquisition is expected to enhance production efficiency and innovation.

Foxconn has been actively investing in Việt Nam since 2007, establishing 11 projects with a total investment exceeding $2.2 billion. The company is currently the largest foreign direct investor in Bắc Giang Province, employing around 80,000 workers. 

In 2024, Foxconn's operations in Bắc Giang Province reported revenues exceeding VNĐ268 trillion ($10.5 billion), marking a 70 per cent increase from the previous year. The company's export value topped $11 billion, contributing over VNĐ550 trillion to the provincial budget.

In addition to this acquisition, another Foxconn subsidiary, ShunSin Technology Holdings Limited, recently completed an $80 million investment in Shunsin Technology (Việt Nam). 

This facility is focused on producing integrated circuits, with an anticipated output capacity of 4.5 million units per year. 

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