Foxconn, also known as Hon Hai Precision Industry, will invest $58.3 million more in its Vietnamese subsidiary Fushan Technology (Vietnam), according to a filing of the Taiwanese electronic giant sent to the Taiwan Stock Exchange (TWSE) on Wednesday.

Foxconn’s unit Chief Expertise Limited will implement the investment, bringing Foxconn’s total investment in Fushan Technology (Vietnam) to approximately $226 million while maintaining full ownership of the unit. The transaction is part of the company’s long-term strategy to strengthen its manufacturing footprint.

Located in Vietnam’s northern province of Bac Ninh, Fushan Technology (Vietnam)’s major activities are manufacturing and assembling mobile phones, speakers, printed circuit board (PCB), optical items, smartwatches, and others. Popular products of Fushan Technology Vietnam include Xbox gaming consoles and unmanned aerial vehicles (UAVs).

Fushan Technology (Vietnam) was established in November 2011, originally known as Nokia Vietnam. It became Microsoft Mobile Vietnam in December 2014, after Microsoft acquired Nokia in April 2014. In 2017, Microsoft sold its phone division to Foxconn and Microsoft Mobile Vietnam became Fushan Technology Vietnam.

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 on Tuesday, 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.

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