Taiwan's Hon Hai group, one of the world's largest contract electronics manufacturers, plans to invest five billion U.S. dollars in Vietnam on construction of technology zones and in urban development, it was reported Thursday.
Hon Hai group chairman Terry Gou on February 6 signed a letter of intent with the Vietnamese government to invest one billion dollars to build a technology zone, the Economic Daily News said, without specifying sources.
But given investment incentives offered by Vietnam, Gou decided to invest an additional four billion dollars on technology zones and urban development, the daily added.
Previous reports said Hon Hai was to take up a 5,000-hectare (12,350 acres) zone to make computers, communications products and consumer electronics items with production likely to kick off by the end of the year at the earliest.
No Hon Hai officials were immediately available to comment on the report.
The Hon Hai group includes Hon Hai Precision Industry Co Ltd and Hong Kong-listed Foxconn International Holdings Ltd, among others.