According to state media, Apple supplier Foxconn has signed a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City to expand its facility in the country’s north to diversify and boost production.
According to the Tuoi Tre newspaper, the Taiwanese company’s new factory on a 50.5-hectare (125-acre) plot in Bac Giang province will create 30,000 local jobs.
Foxconn, formally known as Hon Hai Precision Industry Co, and Kinh Bac City did not respond to requests for comment right away.
The move comes on the heels of news that Foxconn has begun testing the production of the Apple Watch in northern Vietnam.
Foxconn, which has been in Bac Giang for 15 years, has relocated a portion of its iPad and AirPods production to the city’s Quang Chau Industrial Park, according to Tuoi Tre. It did not specify what products would be manufactured at the new factory or its capacity.
According to the Vietnamese government, Foxconn invested $1.5 billion in the Southeast Asian country last year.
