Foxconn sketches investment plans for Vietnam

Hon Hai Precision Industrial Co. Ltd (Foxconn) will invest $5 billion in Vietnam and will transfer advanced technology into the country, according to Terry Gou, Foxconn Group president. Foxconn will set up two industrial parks in Vietnam this year. The parks will be located in Hanoi and Ho Chi Minh City and will produce the group's product lines.

The group has recently unveiled investment plans of over $1 billion to build two industrial parks in Shenyang and Yingkou, mainland China. The Shenyang plant will produce precision and digital control machine tools and car parts, while the Yingkou facility will assemble electronics and PCBs.

Meanwhile, Foxconn is currently in talks for partnerships with LED makers in Taiwan to gain share in the LED market.