Asia Tech Wire (July 4) -- Apple supplier Foxconn will spend $551 million to invest in two new projects in Vietnam, according to Bloomberg.

The report said Foxconn received licenses to invest about $551 million in two projects in Quang Ninh province, a coastal province in northern Vietnam.

According to a press release published on a local government website, Foxconn will invest $263.7 million in the Song Khoai Industrial Park to produce smart entertainment products, with a designed capacity of 4.18 million pieces per year.

The other project, with an investment of $287.2 million, will land at Bac Tien Phong Industrial Park to produce smart system equipment, with a design capacity of 8.78 million pieces/year.

Construction of both projects is due to come to an end in September 2025.