Apple supplier Luxshare pushes $504 mln Vietnam investment to start operations in 2026

Luxshare-ICT (Vietnam) Limited, a subsidiary of major Chinese electronics producer Luxshare-ICT and a supplier for Apple, plans to put its $504-million project in Vietnam’s northern province of Bac Giang into operation in July 2026.

The Bac Giang Industrial Zones Authority approved the additional investment of $330 million for the project in November 2023. It will cover 29.1 hectares in Quang Chau Industrial Park.

Regarding the additional investment, Luxshare aims to complete administrative procedures in July-October 2024, renovate its factories and install equipment from November 2024-December 2025, initiate trial production from January-June 2026, and enter official operation one month later.

The existing factories started operating in 2023, employing 21,550 laborers. After the expansion, that number will rise to 47,260.

The facility’s current operation has an annual capacity of 70,940 tons of items, including electronic components, cables for smart devices, chargers, ear pods, power banks, wi-fi routers, vapes, lighting devices, touch pens, computer mouses, computer keyboards, barcode scanners, and electronic boards.

Luxshare started investing in Bac Giang in 2019 and its additional investment is the second-biggest made by a foreign investor in the province after the $378 million ploughed in by JA Solar.

Prior to the latest investment, Luxshare-ICT had invested about $600 million in Vietnam, including $270 million in Bac Giang province and $330 million in the central province of Nghe An.

Source: The Investor
20/07/2024