Foxconn Records $317 Million After-Tax Profit in Vietnam

According to a financial report released by the Taiwanese company, Foxconn’s facilities in Vietnam, specializing in the production of spare parts and electronic devices, contributed significantly to its earnings. Among Foxconn’s industry competitors, New Wing Interconnect Technology Co., Ltd, based in Bac Giang province, reported an after-tax profit of nearly VND5 trillion ($210 million) from a total revenue of VND33.8 trillion ($1.43 billion) last year.

Fuyu Precision Component recorded slightly over VND2.4 trillion ($103 million) in after-tax profit and nearly VND60 trillion ($2.54 billion) in revenue for the entire year. Similarly, Fuhong Precision Component achieved a profit of over VND1.37 trillion ($58.26 million) from revenue close to VND46 billion ($1.94 billion). ShunYun Technology in Hanoi and Fushan Technology in Bac Ninh reported profits of VND246 billion ($10.4 million) and VND41.2 billion ($1.74 million) respectively. The only industry player in Vietnam that experienced a loss in 2022 was ShunShin Technology, with an after-tax loss of VND3.9 trillion ($165.2 million).

In the LCD/OLED television and monitor manufacturing sector, Competition Team Technology in Quang Ninh achieved an after-tax profit of nearly VND330 billion ($14 million) from revenue of approximately VND9 trillion ($382.5 million). Foxconn’s logistics arm, Jusda International Supply Chain Management, generated a profit of VND246 billion ($10.4 million) from revenue close to VND2 trillion ($84 million). For computer manufacturers and related components, FuKang Technology reported an after-tax loss of almost VND113.5 billion ($4.8 million) from a total revenue of over VND2.1 trillion ($89 million). Since entering the Vietnamese market in 2007, Foxconn has expanded its operations across Bac Ninh, Bac Giang, and Vinh Phuc provinces. In early July, the Quang Ninh People’s Committee granted investment certificates to Amata, Thailand’s largest industrial developer, for two Foxconn projects worth over VND5.8 trillion ($246 million) in the Song Khoai and Quang Yen industrial zones.