Foxconn Interconnect Technology (FIT) has announced that its subsidiary, New Wing Interconnect Technology, has entered into an agreement with another company under the FIT umbrella. As per the agreement, New Wing will invest $50 million for a 25% stake in Goertek Electronics Vietnam, with the other company holding the remaining 75%.
FIT considers this a “strategic investment.” Headquartered in the Cayman Islands, FIT currently operates in Hong Kong under the name FIT Hon Teng Limited.
In a filing to the Taiwan Stock Exchange, New Wing stated that the deal is subject to certain conditions, including regulatory approvals. Goertek Electronics Vietnam, a subsidiary of China’s Goertek Group, boasts significant manufacturing capabilities in headphones, headphone chargers, and smartwatches in Bac Ninh.
Foxconn is no stranger to Vietnam. Since 2007, the corporation has invested in 11 projects in Bac Giang, totaling $2.2 billion in investment. As the province’s largest FDI investor, Foxconn has provided employment for 80,000 local workers.
2024 marked a significant growth spurt for Foxconn in Bac Giang, with revenues reaching VND 268,000 billion, a 70% increase from the previous year. The corporation’s export turnover surpassed $11 billion, contributing over VND 550 billion to the state budget.
Prior to this deal, in late 2023, another Foxconn subsidiary, ShunSin Technology Holdings Limited, invested $80 million in Shunsin Technology (Vietnam). This factory is expected to produce 4.5 million electronic components and integrated circuits annually.
Vu Hao
– 11:52 24/02/2025
