Electronics manufacturer Hon Hai Technology Group (Foxconn) reportedly received the go-ahead from authorities in Vietnam to invest $246 million in assembling telecoms and electronic vehicle (EV) equipment in the country.

Reuters reported Foxconn will spend $200 million on creating a factory to produce EV chargers and components from January 2025 and employ a workforce of 1,200 people.

The move is in line with a broader aim to capture 5 per cent of the global EV market by 2025 and follows a partnership struck with NXP Semiconductors to develop platforms and connectivity systems for the automotive industry.

Foxconn’s remaining investment pot will be earmarked for a plant to produce telecoms and electronics components from October 2024.

Both facilities will be in the northern province of Quang Ninh and will be managed by Foxconn Singapore.

Foxconn has had a presence in Vietnam for almost two decades and the latest investment raises the total it has ploughed into the country to $3 billion.

Last month, it announced a spend of $100 million on another new factory in the country’s central province of Nghe An.

Foxconn chair Young Liu said earlier this month the company is targeting additional investment in Vietnam and Mexico as it shifts assembly out of China due to deteriorating relations between the country and the US.