Luxshare-ICT Secures $330 Million Investment from Parent Company

Luxshare Precision Industry Co, a supplier for Apple, has received a license to increase its investment by $330 million in its plant located in the northern province of Bac Giang in Vietnam. This brings the total investment to $504 million, as confirmed by provincial authorities.

Luxshare-ICT, a branch of Luxshare in Vietnam, is building a new facility on 29.1 hectares of land to manufacture cables for smart devices, communications equipment, touch pens, smart positioning tags, and smartwatches, according to a statement from Bac Giang authorities dated Nov 8.

It is anticipated that the facility will be completed within 12 to 24 months. Since 2019, Luxshare, a major AirPods producer for Apple based in China, has been making investments in Vietnam. As other manufacturers look to diversify production away from China, they are making additional investments in the country.

In central Vietnam, Foxconn, an Apple supplier, established a new factory and increased its investment in the country by $250 million earlier this year. The purpose of the investment is to produce electric vehicles and telecom parts.