Fulian Precision Technology Component Co., Ltd., a wholly-owned Vietnamese subsidiary of Taiwan’s Foxconn, has registered electric vehicle (EV) charging station manufacturing as a new business line and increased its charter capital by VND402 billion ($16 million).

According to Fulian’s latest filings with the National Business Registration Portal, the capital increase raised Fulian’s registered charter capital from VND9.46 trillion to VND9.86 trillion ($398 million). The entire capital is 100 percent foreign-owned.

Fulian also added a new business line under code 2710 of Vietnam’s business registration system. It covers the manufacture of motors, generators, transformers, and electrical distribution and control equipment. A sub-sector for Fulian is the manufacturing of electric vehicle (EV) charging stations.

Fulian’s facility is in Quang Chau Industrial Park in Bac Ninh province. Its other key activities are manufacturing and repairing electronic components, PCBA circuit boards, computers and accessories, optical items, and communications equipment.

Vietnam’s EV and EV charging market is expanding. Notable EV charging infrastructure businesses are Selex, VinFast, Datbike, which are also EV manufacturers. Others are energy firms, such as Petrolimex, and fossil-fuel car manufacturers, such as Honda.

Foxconn has been investing in Vietnam, particularly Bac Ninh province, since 2007, with a total investment of $4 billion, employing 130,000 people. Foxconn inaugurated its Vietnamese office in Hanoi in April, in order to improve its management and cooperation with the Vietnamese authorities. Foxconn regards Vietnam not only a key production hub but also a regional innovation center, said Foxconn Vietnam CEO Chou I Wen.

Foxconn to pour $58M more in Vietnam subsidiary for long-term investment