Taiwan’s Foxconn has injected an additional $62 million into its subsidiary in Quang Ninh province, northern Vietnam and added a new business activity of manufacturing electric vehicle (EV) charging stations.

According the latest business license filed with the ministry-run National Business Registration Portal, Foxconn EV Energy & Component (Vietnam), the Vietnamese subsidiary, raised its charter capital by about VND1.51 trillion ($62 million) to about VND9.02 trillion ($370 million).

In the filing dated August 4, Foxconn EV Energy & Component (Vietnam) showed that it remains wholly owned by foreign entity.

Alongside additional capital, the Vietnamese subsidiary of Foxconn added a new business activity of manufacturing EV charging stations and spare parts. Other additions are manufacturing of industrial machines and equipment.

Foxconn EV Energy & Component (Vietnam) is based in the Song Khoai Industrial Park in Quang Yen, part of Quang Ninh’s coastal economic zone, and was incorporated in July 2023.

Prior to the latest investment, Foxconn has invested over $900 million in Quang Ninh province. The first investment was $137 million made in 2019. Next ones are $246 million in June 2023 and $551 million in July 2024.

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

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.

Taiwan’s Foxconn enters EV charger manufacturing in Vietnam, invests $16M more