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The Vietnam News

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Taiwan's Hon Hai to invest $1 bln in Vietnam project

TAIPEI - Taiwan's top electronics parts maker, Hon Hai Precision Industry Co. , plans to invest $1 billion in building an industrial complex in the Vietnam capital of Hanoi, a company spokesman said on Monday. Hon Hai, which makes computers and components for the likes of Hewlett-Packard Co. and Dell Inc. , said the the complex would be mainly used for the production of consumer electronics and computer parts. The project would be completed before the end of this year.

"Vietnam has become a very efficient country for production and it will become a major production area for us outside of China," Hon Hai spokesman Edmund Ding told Reuters. The firm currently has major production facilities in China, Mexico, Hungary, India, Finland, and the Czech Republic. In early trade on Monday, Hon Hai's stock had fallen 1.06 percent to T$232.50, while the main benchmark index declined 0.77 percent. Ding added that Vietnam had a large association of Taiwan businesses and had been a good partner for economic development. Hon Hai, with a market value of $31.4 billion, also makes iPods for Apple Computer Inc. and its cellphone subsidiary, Foxconn International Holdings , supplies to top brands like Nokia and Motorla Inc. (US$1=T$32.7)

Reuters - January 8, 2007