According to Foxconn’s 2024 annual report, Fukang Technology Co., Ltd. in Bac Giang province recorded a net revenue of 114.9 billion NTD, equivalent to over 89 trillion VND (3.5 billion USD) at the exchange rate at the end of the year.
This figure is more than ten times higher than the revenue of just over 8 trillion VND in 2023. Previously, in 2022, when it started production, Fukang’s revenue was only 2 trillion VND.
Despite the impressive revenue, Fukang reported only a modest after-tax profit of 82.5 million NTD, equivalent to over 60 billion VND. However, the recognition of profit before and after tax is a significant improvement for Fukang Technology, compared to a pre-tax loss of 860.5 million NTD and an after-tax loss of 724.9 million NTD in 2023.
Foxconn’s report also shows a significant increase in investment into Fukang Technology, which specializes in manufacturing iPads and Macbooks for Apple, in the past year.
Total assets increased more than 3.5 times from 25.4 billion NTD in 2023 to 91 billion NTD in 2024. Specifically, liabilities increased by 5.4 times to 79.3 billion NTD in one year, while equity increased slightly from 10.9 billion NTD to 11.7 billion NTD.
Foxconn is the world’s largest electronics and computer component manufacturer from Taiwan. They are a crucial link in Apple’s device production chain.
In a 2024 report to Bac Giang province, Foxconn stated that they “recognize Vietnam as a potential market, with a stable investment environment and favorable investment procedures.” Foxconn also expressed its desire to expand its investment in Bac Giang, in line with the group’s strategy to shift away from China and the practical needs of its major customers.”
The Fukang Technology factory project (owned by Foxconn) in Quang Chau Industrial Park, Bac Giang province, has a total investment of over 12,507 billion VND and was first granted an investment registration certificate in January 2021.
The expected capacity will produce more than 16 million units of tablets, laptops, smart speakers, and speaker motherboards annually. The factory will manufacture approximately 6.2 million tablets, over 1.8 million laptops, 4 million smart speakers, and speaker motherboards, including several Apple products.
Foxconn makes a significant contribution to Bac Giang’s growth
According to the Provincial Statistics Office, the scale of GRDP in 2024 of Bac Giang is estimated at 207 trillion VND, an increase of 13.85%, making it the country’s fastest-growing province. The processing and manufacturing industry in industrial parks and clusters has made a substantial contribution. The proportion of processing and manufacturing industry accounts for 58.63%.
With an additional revenue of over 80 trillion VND last year, it can be affirmed that Fukang, in particular, and the Foxconn group, in general, are the main factors contributing to Bac Giang’s GRDP growth last year.
Fukang is not even Foxconn’s highest-revenue company in Bac Giang; that distinction goes to Fuyu Precision Component, which generated over 107 trillion VND – an increase of over 40 trillion VND compared to 2023.
Additionally, Bac Giang’s statistics for January 2025 highlight Foxconn’s significant contribution. During the month, 354 enterprises exported goods, achieving a total export turnover of over 3 billion USD, an increase of nearly 73% compared to the same period last year.
Some enterprises with high export turnover in January this year are Fukang Technology Co., Ltd. (Quang Chau Industrial Park) with nearly 550 million USD and Fuyu Precision Component Co., Ltd. (Quang Chau Industrial Park) with 533 million USD.
Other enterprises with significant exports include Hana Micron Vina Co., Ltd. (Van Trung Industrial Park) with nearly 370 million USD and Luxshare – ICT Vietnam Co., Ltd. (Quang Chau Industrial Park) with over 320 million USD.
In January this year, the Bac Giang Center for Employment Services announced that three companies, Fukang Technology Co., Ltd., Fuyu Precision Component Co., Ltd., and Precision Technology Component Fulian Co., Ltd., needed to urgently recruit 27,000 general workers, of which 22,000 workers were needed in the first quarter of 2025.
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